Section 108 of ITA, 1961 : Section 108: [Omitted]

Explanation using Example

Imagine a company called "Healthy Foods Ltd." that is publicly traded and has a diverse shareholder base, ensuring that no single individual or small group has controlling interest. Prior to 1988, there might have been specific tax savings provisions under Section 108 of the Income-tax Act, 1961, that applied to such companies, where the public held a substantial interest.

However, since this section was omitted by the Finance Act of 1987, effective from April 1, 1988, these tax savings are no longer applicable. So, if Healthy Foods Ltd. was looking to take advantage of such savings for the financial year 1988-89, they would find that the provisions of Section 108 are no longer in effect and thus cannot be used for tax planning or filing purposes.