Income-tax (Ninth Amendment) Rules, 2001 - S.O.630(E) - Income Tax

Income-tax (Ninth Amendment) Rules, 2001 NOTIFICATION NO. S.O.630(E) DATED 2-7-2001 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-- 1 (1). These rules may be called the Income-tax (Ninth Amendment) Rules, 2001. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, in Appendix II, for Form No. 3CEA, the following shall be substituted, namely "FORM No. 3CEA [See rule 6H] Report of an accountant to be furnished by an assessee under sub-section (3) of section 50B of the Income-tax Act, 1961, relating to computation of capital gains in case of slump sale 1. Particulars of the assessee effecting the slump sale: ( a ) Name ................... ( b ) Address ................... ( c ) Permanent account number ................... ( d ) Nature of business ................... 2. Details of the undertaking or division, transferred by way of slump sale: ( a ) Address-location ................... ( b ) Nature of business ................... 3. Name, address and permanent account number of the person who has purchased the undertaking or divi sion referred to in item 2 ................... 4. Date of slump sale of the undertaking or division refer red to in item 2 ................... 5. Amount of consideration received for slump sale refer red to in item 2 ................... 6. Net worth of the undertaking or division referred to in item 2: ( a ) In the case of depreciable assets, written down value of the assets of the undertaking or division transferred by way of slump sale, determined in accordance with sub-item (C) of item ( i ) of sub clause ( c ) of clause (6) of section 43 Rs ................ ( b ) In the case of other assets, book value of such assets Rs ................ ( c ) Aggregate value pf total assets of the undertaking or division transferred by way of slump sale [( a ) + ( b )] Rs ................ ( d ) Value of liabilities relatable to the undertaking or division as appearing in the books of account Rs ................ ( e ) Net worth of the undertaking or division [( c )-( d )] Rs ................ ................................ Signed **Accountant CERTIFICATION *I-We........................ (name) have examined the accounts and records of............................................... (name and address of the assessee) during the year ended on.............. *I-We have obtained all the information and explanations which to the best of *my-our knowledge and belief were necessary for the purposes of ascertaining and computing the net worth of the undertaking or division which has been transferred by way of slump sale. *I-We certify that the net worth of the undertaking or division has been computed correctly in accordance with the provisions of section 50B of the Income-tax Act, 1961. .................... Signed **Accountant Place............... Date ............... Notes: 1. *Delete whichever is not applicable. 2. **Accountant means an accountant as defined in Explanation below sub-section (2) of section 288 of the Income-tax Act. 3. Any change in the value of assets on account of revaluation of assets shall be ignored while indicating amounts in item 6. 4. This form shall be filed along with return of income duly accompanied by copies of the profit and loss account and balance-sheet or audited profit and loss account and balance-sheet in accordance with the provisions of section 139 of the Income-tax Act. 5. Indicate separately the computation of net worth of each undertaking or division transferred by way of slump sale." [Notification No. 199-2001-F. No. 142-43-2001-TPL]