Home Acts & Rules F. Acts / Amendment Acts Finance Acts Finance (No. 2) Act, 1980 Chapters List Chapter III DIRECT TAXES INCOME-TAX This
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Section 11 - Amendment of section 41 - Finance (No. 2) Act, 1980Extract 11. Amendment of section 41 In section 41 of the Income-tax Act, with effect from the 1st day of April, 1981, - (a) in sub-section (2), after the proviso, the following proviso shall be inserted, namely :- 'Provided further that where an asset representing expenditure of a capital nature on scientific research within the meaning of clause (c) of sub-section (2B) of section 35, read with clause (4) of section 43 owned by the assessee which was or has been used for the purposes of business after it ceased to be used for the purpose of scientific research related to the business is sold, discarded, demolished or destroyed, the provisions of this sub-section shall apply as if for the words actual cost , at the first place where they occur, the words actual cost as increased by twenty-five per cent. thereof had been substituted.'; (b) in sub-section (3), - (i) for the words, brackets and figures clause (iv) of sub-section (1) section 35 , the words, brackets, figures and letters clause (iv) of sub-section (1), or clause (c) of sub-section (2B), of section 35 shall be substituted; (ii) for the words, brackets, figures and letter clause (ia) of sub-section (2) of section 35 , the words, brackets, figures and letters clause (ia) of sub-section (2), or clause (c) of sub-section (2B), of section 35 shall be substituted.
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