(1) Upon the commencement of this Act, the Income-tax Ordinance, 1984 (Ordinance No. XXXVI of 1984), hereinafter referred to as the repealed Ordinance, shall be hereby repealed.

(2) Notwithstanding such repeal, under the repealed Ordinance—

(a) any act done, any measure taken or any proceeding instituted shall be deemed to have been done, taken or instituted under this Act;

(b) any action taken or proceedings instituted, if pending or continuing, shall be carried out as if they had been taken or instituted under this Act;

(c) any rule made or order or direction given or notification or policy issued or notice published or any other legal instrument executed, in force immediately before such repeal, shall, subject to consistency with this Act, remain in force until it is repealed or amended under this Act; and

(d) if any suit or legal proceeding is pending in any Court, it shall be disposed of as if the repealed Ordinance had not been repealed.