Section 24 - Amendment of section 50B - Finance Act, 2000

24. Amendment of section 50B In section 50B of the Income-tax Act, for the Explanation, the following Explanations shall be substituted, namely:- Explanation 1 : For the purposes of this section, net worth shall be the aggregate value of total assets of the undertaking or division as reduced by the value of liabilities of such undertaking or division as appearing in its books of account: Provided that any change in the value of assets on account of revaluation of assets shall be ignored for the purposes of computing the net worth. Explanation 2 : For computing the net worth, the aggregate value of total assets shall be,- (a) in the case of depreciable assets, the written down value of the block of assets determined in accordance with the provisions contained in sub-item (C) of item (i) of sub-clause (c) of clause (6) of section 43; and (b) in the case of other assets, the book value of such assets. .