Section 115 of ITA, 1961 : Section 115: [Omitted]

Explanation using Example

A hypothetical scenario for the application of the former Section 115 of the Income-tax Act, 1961, before it was omitted, could involve a company that made a profit by selling an asset which resulted in a capital gain. Prior to its omission in 1987, this section would have provided the specific tax rate or calculation method applicable to that company's capital gain for that financial year. After the omission of Section 115, the company would look to other relevant sections of the Income-tax Act, 1961, for guidance on how to calculate tax on their capital gains, as Section 115 would no longer be applicable from the assessment year 1988-89 onwards.