(1) The provisions of sections 124 and 127 of the Income-tax Act shall, so far as may be, apply for the purposes of this Act as they apply for the purposes of the Income-tax Act, subject to the modifications specified in sub-section (2).

(2) The modifications referred to in sub-section (1) shall be the following, namely :—

(a) in section 124 of the Income-tax Act,—

(i) in sub-section (3), references to the provisions of the Income-tax Act shall be construed as references to the corresponding provisions of the Gift-tax Act ;

(ii) sub-section (5) shall be omitted ;

(b) in section 127 of the Income-tax Act, in the Explanation below sub-section ¹ (4) references to proceedings under the Income-tax Act shall be construed as including references to proceedings under the Gift-tax Act.

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1. Subs. by Act 3 of 1989, s. 82, for ―(5)‖ (w.e.f. 1-4-1988).