Section 23 - Amendment of section 80JJAA - Finance Act, 2015

Amendment of section 80JJAA 23. In section 80JJAA of the Income-tax Act, with effect from the 1st day of April, 2016,- (a) in sub-section (1), the words, being an Indian company, shall be omitted; (b) in sub-section (2), for clause (a), the following clause shall be substituted, namely:- (a) if the factory is acquired by the assessee by way of transfer from any other person or as a result of any business reorganisation; ; (c) in the Explanation, in clause (i), for the words one hundred workmen , the words fifty workmen shall be substituted.