Amendment of section 2

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..... ter clause (23B), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:- (23C) hearing includes communication of data and documents through electronic mode; ; (c) in clause (24), in sub-clause (xviii), for the words, figures and brackets other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asse .....

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..... , 2016. - Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. Sub-clause (a) of the said clause seeks to amend clause (14) of the aforesaid section which defines capital asset and item (vi) of the said clause (14) excludes from the definition of capital asset, inter alia, Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 notified by the Central .....

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..... the form of a subsidy or grant or cash incentives, etc., by the Central or a State Government to any assessee other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset, in accordance with Explanation 10 to clause (1) of section 43, shall be included in the definition of income. It is proposed to amend the said sub-clause (xviii) .....

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