Section 21 - Amendment of section 80L - Taxation Laws (Amendment) Act, 1984

21. Amendment of section 80L. In section 80L of the Income-tax Act, (a) in sub-section (1), in clause (c), for the words consisting only of , the words consisting, in either case, only of shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1972; (b) after sub-section (2), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1976, namely: (3) For the removal of doubts, it is hereby declared that where the income referred to in sub-section (1) is derived from any asset held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under the said sub-section in respect of such income in computing the total income of any partner of the firm or any member of the association or body. .