Section 26 - Amendment of section 43 - Finance Act, 2001

26. Amendment of section 43 In section 43 of the Income-tax Act, with effect from the 1st day of April, 2002,- (a) in clause (1), after Explanation 11, the following Explanation shall be inserted, namely :- Explanation 12.- Where any capital asset is acquired by the assessee under a scheme for corporatisation of a recognised stock exchange in India, approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the actual cost of the asset shall be deemed to be the amount which would have been regarded as actual cost had there been no such corporatisation. ; (b) in clause(6), after Explanation 4, the following Explanation shall be inserted, namely :- Explanation 5.- Where in a previous year, any asset forming part of a block of assets is transferred by a recognised stock exchange in India to a company under a scheme for corporatisation approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the written down value of the block of assets in the case of such company shall be the written down value of the transferred assets immediately before such transfer. .