Soviet Union-Growing Consumerism

Taxation Laws (Amendment) Bill, 1971, which seeks, inter alia, to insert in the Income Tax Act a new chapter with the title 'Acquisition of_ immovable properties in certain cases of transfer to counteract evasion of tax'. The week before it took the Lok Sabha no more than three hours to go through the three readings of the Bill required for referring it to the Upper House. Earlier it had been vetted by a Select Committee of Parliament. The Bill now awaits the assent of the President to go into the statute.