This section provides a transitional relief to existing companies on cessation of trade. It is a gradually reducing transitional relief where a source of income within the relevant Cases of Schedule D, namely, Cases I, II, III and V, ceases within the period from 6th April, 1976 to 5th April, 1981. It is a Solomon's judgment.
SECTION 176.
Question proposed: " That section 176 stand part of the Bill."
Question put and agreed to.