The Finance (1971–1972) Order, 1972 (President's Order)

WHEREAS it is expedient to make provisions to give effect to the financial proposals of the Government and to amend certain laws for the purposes herein-after appearing; NOW, THEREFORE, in pursuance of the Proclamation of Independence of Bangladesh, read with the Provisional Constitution of Bangladesh Order, 1972, and in exercise of all powers enabling him in that behalf, the President is pleased to make the following Order:-

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(1) This Order may be called the Finance (1971-72) Order, 1972.

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(2) It extends to the whole of Bangladesh.

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(3) Except as otherwise provided in this Order, this ¹Article or Articles 2 and 3, clause (19) of section 4 and clause (3) of section 6 shall be deemed to have come into force from the 26th day of June, 1971, and the other provisions shall be deemed to have come into force on the first day of July, 1971.

Section 2. Amendments of Act XXXII of 1934

The amendments set out in the First Schedule to this Order shall be made in the Tariff Act, 1934.

Section 3. Amendments of Act I of 1944

The following amendments shall be made in the Central Excise and Salt Act, 1944 (I of 1944), namely:-

(1) in section 2, in clause (h) the word “valuable” shall be omitted;

(2) in section 3,-

“(6) The Government shall, for the purpose of sub-section (5), constitute a Standing Tribunal consisting of not less than two persons each of whom may be either an officer not below the rank of a Joint Secretary to the said Government or a person who held such rank at the time of his retirement from service.”;

(3) in section II, after the words “factory” twice occurring the words “or bonded-warehouse” shall be inserted;

(4) in section 33,-

“(b) subject to such limitations and conditions as may be determined by the Central Board of Revenue from time to time, by a Deputy Collector, Assistant Collector or Superintendent of Central Excise”.

(5) in section 38, for the colon a full-stop shall be substituted and the proviso shall be omitted; and

(6) the First Schedule shall be amended in the manner specified in the Second schedule to this Order.

Section 4. Amendment of Act XI of 1922

The following amendments shall be made in the Income-tax Act, 1922 (XI of 1922), namely:-

(1) in section 2,-

“(14AA) “taxable territories” means as respects any period before the 26th day of March, 1971, the territories then referred to as “Pakistan” and as respects any period after the 25th day of March, 1971, the territories now comprised in Bangladesh”;

(2) in section 4,-

(3) In section 5A, in sub-section (4), after the word “shall” the word “ordinarily” shall be inserted;

(4) in section 7, in sub-section (1), for the fourth proviso the following shall be substituted, namely:-

“Provided further that, where the assessee owns and maintains at his own expense a conveyance registered in his name as a private vehicle and does not receive any conveyance allowance or any other benefit or perquisite in lieu of such allowance, the tax shall not be payable, where the conveyance is a motor car, in respect of a sum of one thousand and two hundred Taka or, where the conveyance is any other power driven vehicle, in respect of a sum of three hundred and sixty Taka, and where the assesse dose not own or maintain any such vehicle, the tax shall not be payable in respect of a sum of two hundred and forty Taka, but nothing in this proviso shall apply to an assessee who, in addition to income chargeable the head under “salaries” derives income which is chargeable under the head “business, profession or vacation”;”;

(5) in section 10,-

“Provided further that, for the purposes of this clauses, any such machinery or plant which is exported or transferred outside taxable territories shall be deemed to have been sold and the sale value of such machinery or plant shall be deemed to be its original cost less all depreciation allowed excepting the further sum referred to in clause (vi); and the business, profession or vocation in which such machinery or plant has been used, shall, for the purposes of sub-section (1) be deemed to be carried on by the assessee in the year in which such export to transfer took place.”.

“(b) any allowance in respect of so such of the expenditure incurred by an assessee on the provision of perquisites or other benefits to any employee as exceeds thirty per cent of the salary of such employee;

Provided that in the case of an employee whose contract of service has been approved under clause (xiii) of sub-section (3) of section 4, this clause shall not apply for a period of five years commencing next after the expiry of three years since the date of his arrival in the taxable territories.

Explanation 1. - The expression “salary” as used in this clause, means remuneration or compensation for services rendered paid or to be paid at regular intervals and includes dearness, grain compensation or cost of living allowance and bonus and commission which are payable to an employee in accordance with the terms of his employment as remuneration or compensation for services but does not include the employer's contribution to a recognised ²Provident or superannuation fund or any other sum which does not enter into the computations for pensionary or retirement benefits.

2. The expression “employee”, where the assessee is a company, includes a director thereof; or”;

(6) in section 14, for sub-section (4) the following shall be substituted, namely:-

“(4) The tax shall not be payable by an assessee in respect of any share of income received by him out of capital gains on which tax has been paid by the firm of which he is a partner”;

(7) in section 15,-

“(3) The aggregate of any sums exempted under this section shall not, together with any sums exempted under the first proviso to sub-section (1) of section 7, section 15AA, section 15C, section 15CC, and section 15F and any sum exempted under sub-section (1) of section 58F exceed thirty per cent of the total income of the assessee, or fifteen thousand Taka, whichever is the less:

Provided that as respects any assessment for the year beginning on the 1st day of the July, 1971, the provisions of this sub-section shall apply so that the aggregate sum does not exceed the sum computed as hereunder:-

Section 5. Amendment of Act X of 1950

The following amendments shall be made in the Estate Duty Act, 1950 (X of 1950), namely:-

(1) in section 2, after clause (17A), the following new clause shall be inserted and shall be deemed to have been so inserted with effect from the 26th day of March, 1971, namely:-

“(17AA) ÔÇÿtaxable territories' has the ³same meaning assigned to that expression by clause (14AA) of section 2 of the Income-tax Act, 1922;”;

(2) in section 25A,-

(3) for section 55, the following shall be substituted, namely:-

“55. (1) If any person fails to comply with any of the provisions of section 53 or section 54 without reasonable cause, he shall be liable to pay by way of penalty a sum not exceeding one thousand taka and, in case of a continuing default, a further sum not exceeding fifty taka for every day during which the default continues.

(2) No order shall be made under sub-section (1) unless the person has been given a reasonable opportunity of being heard.”;

(4) in section 57, for the words and commas “, as the case may be,” the words, brackets, figures and comma “under sub-section (3) of section 58, or” shall be substituted;

(5) for section 58 the following shall be substituted, namely:-

“58. (1) Upon the delivery of the account under section 53 or section 56, the person delivering it shall pay to the Controller the estate duty, if any, payable in respect of the property included in the account unless the time for payment is extended by the Controller, in which case a security to the satisfaction of the Controller shall be furnished.

(2) Where any payment is made or the time for payment is extended under sub-section (1) the Controller shall grant a certificate that the estate duty referred to therein has been paid or will be paid or that no such estate duty is due, as the case may be.

(3) The Controller may at any time after the delivery of the account proceed to make in a summary manner a provisional assessment of the estate duty payable on the basis of such account.

(4) After a regular assessment has been made, any amount paid towards the provisional assessment made under sub-section (3) shall be deemed to have been paid towards the regular assessment.

(5) There shall be no right of appeal against a provisional assessment made under sub-section (3).”;

(6) in section 58E, in the second proviso, for the words “a reference” the words “an application” shall be substituted;

(7) in section 59A,-

“(1) Within ninety days of the date upon which he is served with an order under sub-section (3) of section 59, the person accountable or the Controller may present an application in the prescribed form and, where the application is made by the accountable person, accompanied by a fee of one hundred Taka, to the High Court referring any question of law arising out of such order.

(2) An application under sub-section (1) may be admitted after the expiry of the period of ninety days aforesaid if the High Court is satisfied that there was sufficient cause for not presenting it within the said period.

(3) An application under sub-section (1) shall be in triplicate and shall be accompanied by the following documents, and where any such document is in any language other than English, also by a translation thereof in English, namely:-

(4) Where the accountable person is the applicant, the Controller shall be made a respondent and where the Controller is the applicant, the accountable person shall be made a respondent:

Provided that where an accountable person dies or is adjudicated insolvent the application shall not abate and may, if the accountable person was the applicant, be continued by, and if he was the respondent be continued against, the executor, administrator or other legal representative of the accountable person, or by or against the receiver.

“(11) Section 5 of the Limitation Act, 1908, shall apply to an application to the High Court under this Section.

(12) Any application made to the Appellate Tribunal or any question of Law referred to the High Court by the Appellate Tribunal before the first day of July, 1971 shall be disposed of by the Appellate Tribunal or the High Court, as the case may be, as if the Finance (1971-72) Order, 1972 had not come into force.”

(8) in section 59B,-

(9) after section 66A, the following new section shall be added, namely:-

“66B. (1) An accountable person may ⁵offer in writing to surrender property in lieu of the estate duty payable under the Act at the valuation determined by the Controller.

(2) When such an offer is made the Controller shall intimate the other accountable persons, if any, about such an offer and if all of them agree in writing to the surrender of such property in lieu of the estate duty, the Controller will accept the same.

(3) The Board may prescribe the procedure for the surrender of such property and for the sale thereof.”

(10) in section 75, in sub-section (2), the words “consisting of agricultural land” shall be omitted.

(11) for the Schedule the following shall be substituted, namely:-

Section 6. Amendment of Act III of 1951

The following amendments shall be made in the Sales Tax Act, 1951 (III of 1951), namely:-

(1) in section 2, after clause (18A), the following new clause shall be inserted and shall be deemed to have been so inserted with effect from the 26th day of March, 1971, namely:-

“(18AA) 'taxable territories' has the same meaning assigned to that expression by clause (14AA) of section 2 of Income-tax Act, 1922;”;

(2) in section 17,-

“(1) Within sixty days of the date on which he is served with notice of an order under sub-section (6) of section 15, the assessee or the Commissioner may, by application in the prescribed form, accompanied, where the application is made by the assessee, by a fee o one hundred taka refer to the High Court any question of law arising out of such order.

(2) An application under sub-section (1) shall be in triplicate and shall be accompanied by the following documents, and where any such document is in any language other than English also by a translation thereof in English, namely:-

(3) Where the assessee is the applicant, the Commissioner shall be made a respondent and where the Commissioner is the applicant, the assessee shall be made a respondent :

Provided that where an assessee dies or is adjudicated insolvent or is succeeded by another person or is a company which is being wound up, the application shall not abate and may, if the assessee was the applicant, be continued by, and if he was the respondent, be continued against, the executor, administrator or successor or other legal representative of the assessee, or by or against the liquidator or receiver, as the case may be.

(4) On receipt of the notice of the date of hearing of the application the respondent shall, at least seven days before the date of hearing, submit in writing a reply to the application; and he shall therein specifically admit or deny whether the question or law formulated by the applicant arises out of the order of the Appellate Tribunal. If the question formulated by the applicant is, in the opinion of the respondent defective, the reply shall state in what particular the question is defective and what is the exact question of law, if any, which arises out of the said order; and the reply shall be in triplicate and be accompanied by any documents (along with a translation in English of such documents as are not in English) which are relevant to the question of law formulated in the application and which were produced before the Sales Tax Officer, the Inspecting Assistant Commissioner of Sales Tax, the Appellate Assistant Commissioner of Sales Tax, the Appellate Tribunal, as the case may be, in the course of any proceedings relating to any order referred to in clause (a) or clause (b) of sub-section (1).”; and

“(9) Any application made to the Appellate Tribunal or any question of law referred to the High Court by the Appellate Tribunal before the first day of July, 1971, shall be disposed of by the Appellate Tribunal or the High Court, as the case may be, as if the Finance (1971-72) Order, 1972, had not come into force.”;

(3) in section 28, in sub-section (1), for the word “five” the word “six” shall be substituted.

Section 7. Amendment of Act XIV of 1963

The following amendments shall be made in the Gift Tax Act, 1963 (XIV of 1963), namely:-

(1) in section 2, after clause (XXIV), the following new clause shall be inserted and shall be deemed to have been so inserted with effect from the 26th day of March, 1971, namely:-

“(XXIVA) “taxable territories” has the ⁷same meaning assigned to that expression by clause (14AA) of section 2 of Income-tax Act, 1922;”;

(2) after section 4, the following new section shall be added, namely:-

“4A. Gift to include increase in dower-Where the dower money, as originally fixed at the time of marriage is subsequently increased, the amount by which such increase exceeds the amount of the original dower shall, for the purposes of this Act, be deemed to be a gift made by the husband to the wife.”;

(3) in section 5-

(4) in section 26-

“(1) Within ninety days of the date upon which he is served with an order under section 23 or section 25, the assessee or the Commissioner may present an application in the prescribed form and, where the application is made by the assessee, accompanied by a fee of one hundred taka, to the High Court referring any question of law arising out of such order.

(2) An application under sub-section (1) may be admitted after the expiry of the period of ninety days aforesaid if the High Court is satisfied that there was sufficient cause for not presenting it within the said period.

(3) An application under sub-section (1) shall be in triplicate and shall be accompanied by the following documents, and where any such documents is in any language, other than English, also by a translation thereof in English, namely:-

(4) Where the assessee is the applicant, the Commissioner shall be made a respondent and where the Commissioner is the applicant, the assessee shall be made a respondent:

Provided that where an assessee dies or is adjudicated insolvent or is succeeded by another person or is a company which is being wound up, the application shall not abate and may, if the assessee was the applicant, be continued by, and if he was the respondent, be continued against, the executor, administrator or successor or other legal representative of the assessee, or by or against the liquidator or receiver, as the case may be.

(5) On receipt of the notice of the date of hearing of the application, the respondent shall, at least seven days before the date of hearing submit in writing a reply to the application and he shall therein specifically admit or deny whether the question of law formulated by the applicant arises out of the order of the Appellate Tribunal. If the question formulated by the applicant is, in the opinion of the respondent, defective, the reply shall state in what particular the question is defective and what is the exact question of law, if any, which arises out of the said order; and the reply shall be in triplicate and be accompanied by any documents (along with a translation in English of such documents as are not in English) which are relevant to the question of law formulated in the application and which were produced before the Gift-Tax Officer, the Appellate Assistant Commissioner of Gift-Tax, the Inspecting Assistant Commissioner of Gift-Tax or the Appellate Tribunal, as the case may be, in the course of any proceedings relating to any order referred to in clause (a) or clauses (b) of sub-section (1).”;

“(10) Any application made to the Appellate Tribunal or any question of law referred to the High Court by the Appellate Tribunal before the first day of July, 1971, shall be disposed of by the Appellate Tribunal or the High Court, as the case may be, as if the Finance (1971-72) Order, 1972, had not come into force.”;

Section 8. 11[Amendment of Act XV of 1963]

The following amendments shall be made in the Wealth Tax Act, 1963 (XV of 1963), namely:-

[(1) in section 2, after clause (oo), the following new clause shall be inserted and shall be deemed to have been so inserted with effect from the 26th day of March, 1971, namely:-

“(ooo) “taxable territories” has the meaning assigned to that expression by clause (14AA) of section 2 of Income-tax Act, 1922;”];

(2) in section 27,-

“(1) Within ninety days of the date upon which is served with an order under section 24 or section 26, the assessee or the Commissioner may present an application the prescribed form and where the application is by the assessee, accompanied by a fee of one hundred taka, to the High Court referring any question of law arising out of such order.

(2) An application under sub-section (1) may be admitted after the expiry of the period of ninety days aforesaid if the High Court is satisfied that there was sufficient cause for not presenting it within the said period.

(3) An application under sub-section (1) shall be in triplicate and shall be accompanied by the following documents, and where any such document is in any language, other than English, also by a translation thereof in English, namely:-

(4) Where the assessee is the applicant, the Commissioner shall be made a respondent and where the Commissioner is the applicant, the assessee shall be made a respondent:

Provided that where an assessee dies or is adjudicated insolvent or is succeeded by another person or is a company which is being wound up, the application shall not abate and may, if the assessee was the applicant, be continued by, and if he was the respondent be continued against, the executor, administrator or successor of other legal representative of the assessee, or by or against the liquidator or receiver, as the case may be.

(5) On receipt of the notice of the date of hearing of the application, the respondent shall, at least seven days before the date of hearing, submit in writing a reply to the application and he shall therein specifically admit or deny whether the question ¹²of law formulated by the application arises out of the order of the Appellate Tribunal. If the question formulated by the applicant is, in the opinion of the respondent, defective, the reply shall state in what particular the question is defective and what is the exact question of law, if any, which arises out of the said order; and the reply shall be in triplicate and be accompanied by any documents (along with a translation in English of such documents as are not in English) which are relevant to the question of law formulated in the application and which were produced before the Wealth-tax Officer, the Appellate Assistant Commissioner of Wealth-tax, the Inspecting Assistant Commissioner of Wealth-tax or the Appellate Tribunal, as the case may be, in the course of any proceedings relation to any order referred to in clause (a) or clause (b) or sub-section ¹³(1).”; and

“(10) Any application made to the Appellate Tribunal or any question of law referred to the High Court by the Appellate Tribunal before the first day of July, 1971, shall be disposed of by the Appellate Tribunal or the High Court, as the case may be, as if the Finance (1971-72) Order, 1972, had not come into force.”;

(3) in the Schedule, in paragraph (1), for items (i), (ii) and (iii) the following shall be substituted, namely:-

“(i) on the first taka two lakhs of net wealth, or where an assessee, being a person owning and occupying a house for purposes of his own residence, exercises the option to have the value of such house being excluded from his assets, on the first taka one lakh of net wealth .............................. Nil.

Section 9. Amendment of Ordinance XI of 1970

The following amendments shall be made in the Finance Ordinance, 1970 (XI of 1970), namely:-

(A) for section 9 the following shall be substituted, namely:-

“9. Income-tax and super-tax.-(1) Subject to the provisions of sub-section (2), (3), (4) and (5), in making any assessment for the year beginning on the first day of July, 1971,-

(2) In making any assessment for the year beginning on the first day of July, 1971,-

(3) In making any assessment for the year beginning on the first day of July, 1971, where the assessee is a co-operative society, the tax shall be payable at the rates specified in paragraph A of Part I, or paragraph B of Part I and paragraph A of Part II of the Third Schedule as if the assessee were a company to which the proviso to sub-paragraph (1) of paragraph A of the said Part II applied, whichever treatment is more beneficial to the assessee:

Provided that in calculating for the purposes of this sub-section, the amount of income-tax at the rates specified in paragraph A of Part I of the Third Schedule, no deduction in respect of any allowance or sums referred to in clause (i) of the proviso to the said paragraph shall be made.

(4) (a) In making any assessment for the year beginning on the first day of July, 1971, where the total income of an assessee, not being a company to which the proviso to sub-paragraph (1) of paragraph A of Part II of the Third Schedule does not apply, includes any profits and gains derived from the export of goods out of taxable territories, income-tax and super-tax, if any, payable by him in respect of such profits and gains shall, subject to the provisions of clauses (b) and (c), be reduced by and amount computed in the manner specified hereunder:-

Provided that in the case of a registered firm super-tax payable by it under paragraph C of Part II of the Third Schedule shall be reduced under this clause by an amount calculated on the basis of the income-tax payable on its total income under paragraph A of part I had it been the total income of an unregistered firm;

(5) In case to which section 17 of the Income-tax Act, 1922 (XI of 1922) applies, the tax chargeable shall be determined as provided in that section, but with reference to the rates imposed by sub-section (1), and in accordance, where applicable, with the provisions of sub-section (2).

(6) For the purposes of making deduction of tax under section 18, the rates specified in Part I and Part II of the Third Schedule shall apply as respects the year beginning on the first day of July, 1971, and ending on the thirtieth day of June, 1972.

(7) For the purposes of this section and of the rates of tax imposed thereby, the expression “total income” means total income as determined for the purposes of income-tax or super-tax, as the case may be, in accordance with the provisions of the Income-tax Act, 1922 (XI of 1922); and the expression “public company” means a company-

(8) In this section, “taxable territories” has the same meaning assigned to that expression by clause (14AA) of section 2 of the Income tax Act. 1922.”;

(B) after section 10, the following new sections shall be added, namely:-

“10A(1) Any order passed by the Income-tax Appellate Tribunal on or after the first day of July, 1971 and before the commencement of this Order, in appeals directly filed before it against the orders of the Income-tax Officers, Sales tax Officers, Wealth-tax Officers and Gift-tax Officers, are hereby declared null and void.

(2) Appeals directly filed before the Income-tax Appellate Tribunal against the order of the Income-tax Officers, Sales-tax Officers, Gift-tax Officers and Wealth-tax Officers during the period from the first day of July, 1971, to the date of commencement of this Order shall stand transferred to the respective Appellate Assistant Commissioners of Income-tax, Sales-tax, Gift-tax and Wealth-tax, as the case may be.

11. Any order passed by the Income-tax Officer, Gift-tax Officer and Wealth-tax Officer, in respect of the Assessment for 1971-72 and any order passed by the Sales-tax Officer for the financial year 1970-71 during the period from the 1st day of July, 1971 to the date of commencement of this Order shall be deemed to have been passed under this Order.”; and

Certain Orders of Income-tax Appellate Tribunal to be void

Section 11. Validation of certain orders of Income-tax Officers, etc.

Any order passed by an Income-tax Officer, Gift-tax Officer or Wealth-tax Officer in respect of the assessment of Income-tax, Gift-tax or Wealth-tax for the year 1971-72 and any order passed by a Sales-tax Officer in respect of the assessment of Sales-tax for the year 1970-71 during the period from the first day of July, 1971, to the date of commencement of this Order shall be deemed to have been passed under this Order.]

[Toll on vessels plying on inland waters.- Omitted by Article 27 of the Finance Order, 1972(P.O. 77 of 1972).]

[Toll on fares and freights on traffic by inland vessels.- Omitted by Article 27 of the Finance Order, 1972(P.O. 77 of 1972).]

Section 14. Tax railway fares and freights

(1) During the period from the 1st day of July, 1971, to the 30th day of June, 1972 (both days inclusive), there shall be levied and paid on railway fares and freights a tax according to the scale specified in the Schedule to this Ordinance.

(2) The Government may make rules regulating the procedure for the collection and accounting of the tax and any other matter incidental to its levy.

[Toll on freights on goods carried by road.- Omitted by Article 27 of the Finance Order, 1972(P.O. 77 of 1972).]

[Toll on motor vehicles carrying goods by road other than on freights.- Omitted by Article 27 of the Finance Order, 1972(P.O. 77 of 1972).]

[Omitted by Article 27 of the Finance Order, 1972(P.O. 77 of 1972).]

Section 18. Amendment of Bengal Act V of 1972

(1) For section 3 of the Bengal Amusements Tax Act, (V of 1922), the following shall be substituted, namely:-

“Tax on payments for admission to entertainments. 3. Except as otherwise expressly provided in this Act, there shall be charged, levied and paid to the Government a tax, hereinafter referred to as the entertainments tax, at the following rates:-

Rate of tax

Provided that where the proprietor of an entertainment admits any person to any place of entertainment as a spectator or as an audience for the purpose of amusement by taking part in it without any payment or on payment of an amount less than the amount normally charged for admission thereto, the entertainments tax, at the aforesaid rates, shall nevertheless be charged, levied and paid to the Government on the amount which would have been normally charged for such admission.

Explanation- For the purpose of this proviso, in case there are different classes of seats in an entertainment 'place of entertainment' means the class to which such person is admitted.”.

[Amendment of Bengal Act IV of 1944.- Omitted by Article 27 of the Finance Order, 1972(P.O. 77 of 1972).]

[Amendment of section 3 of East Bengal Act XVI of 1950.- Omitted by Article 27 of the Finance Order, 1972(P.O. 77 of 1972).]

Amendment of the East Pakistan Act X of 1957.- Omitted by Article 27 of the Finance Order, 1972(P.O. 77 of 1972).

[Continuance of rules framed under East Pakistan Act X of 1957.- Omitted by Article 27 of the Finance Order, 1972(P.O. 77 of 1972).]

[Amendment of East Pakistan Act XI of 1957.- Omitted by Article 27 of the Finance Order, 1972(P.O. 77 of 1972).]

Section 24. Penalty

If a person, on whom a tax is levied or who is responsible for the collection and payment of any tax or toll under this Order, fails to pay the tax or toll or fails to collect and pay the tax or the toll as provided in this Order and the rules made thereunder, he shall be liable to a penalty not exceeding the amount of the tax or toll payable.

Section 25. Public demand

A tax or toll leviable under any provision of this Order or any penalty imposed thereunder shall be recoverable as a public demand under the Bengal Public Demands Recovery Act, 1913(III of 1913).

Section 26. Bar of suits in Civil Court

No suit shall lie in any Civil Court to set aside or modify any assessment of tax or toll made under this Order and the rules made thereunder.

Section 27. Indemnity

No suit, prosecution or legal proceeding shall lie against any person for anything in good faith done or intended to be done under this Order or the rules made thereunder.

(1) Sections 2, 3, 5, 6, 7, 9, 11 and 12 of the East Pakistan Finance Ordinance, 1970, are hereby repealed.

(2) Notwithstanding such repeal, any direction issued or action taken or order passed or proceeding commenced or right accrued or liability incurred under any provision of the said Ordinance shall continue in force and shall be deemed to have been issued, taken, passed, commenced, accrued or incurred, as the case may be, under the corresponding provision of this Order.

Notwithstanding anything contained in this Order, any direction issued or action taken or order passed or proceeding commenced or right accrued or liability incurred under any provision of the East Pakistan Finance Ordinance, 1971, shall continue in force and shall be deemed to have been issued, taken, passed, commenced, accrued or incurred, as the case may be, under the corresponding provision of this Order.