18. Insertion of new section 48B in the principal enactment

The following new section is hereby inserted immediately after section 48A of the principal enactment and shall have effect as section 48B of that enactment:-

48B. Such part of the profits and income from any strategic import replacement undertaking referred to in section 16D, included in the taxable income of any person for any year of assessment commencing after the date of expiry of tax exemption under that section, shall notwithstanding anything to the contrary in any other provisions of this Act, be taxable at the appropriate rate specified in the Fifth

Schedule to this Act.”.