Section 125 - Amendment of Section 40 of Act 11 of 1983 - Finance (No. 2) Act, 1991

125. Amendment of Section 40 of Act 11 of 1983 In section 40 of the Finance Act, 1983, with effect from the 1 st day of April, 1992, (a) in sub-section (3), (i) in clause (v), in the proviso, after the words for industrial purposes , the words or for construction of a hotel shall be inserted; (ii) in clause (vib), in the Explanation, for the words, brackets, letters and figures in clause (b) of Explanation 1 to section 80F , the words and figures in Explanation 1 to section 13 shall be substituted; (b) for sub-section (4), the following sub-section shall be substituted, namely:- (4) The value of any asset specified in sub-section (3) shall be either its value as on the valuation date determined in the manner laid down in Schedule III to the Wealth-tax Act or its value, disclosed in the balance sheet of the company, on the valuation date, whichever is higher. Explanation. For the purposes of this sub-section, balance sheet , as drawn up on the valuation date, shall have the same meaning as in rule 11 of Schedule III to the Wealth-tax Act. ;