835 Saver for arrangements made under section 362 of Income Tax Act, 1967

Section 362 of the Income Tax Act, 1967, a provision regarded as redundant was repealed by the Finance Act, 1987, with a saver for sea and air transport double taxation agreements already entered into under the section. Section 826 contains powers similar, but wider in ambit, to those in section 362 of the Income Tax Act, 1967 in relation to the entering into double taxation agreements by the Government. This section provides that despite the repeal of section 362 of the Income Tax Act, 1967 arrangements entered into by Orders made under that section continue to have the same force of law as if the 1987 repeal had not been effected.

Relevant Date: Finance Act 2021