9911796707
TMI BlogAmendment of section 80JX X X X Extracts X X X X X X X X Extracts X X X X ..... all be deemed to have been substituted with effect from the 1st day of April, 1972; (b) after sub-section (1), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1972, namely :- '(1A) (I) For the purposes of this section, the capital employed in an industrial undertaking or the business of a hotel shall, except as otherw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of assets, being debts due to the person carrying on the business, the nominal amount of those debts; (v) in the case of assets, being cash in hand or bank, the amount thereof. Explanation 1 : In this clause, actual cost has the same meaning as in clause (1) of section 43. Explanation 2 : In this clause and in clause (III), computation period means the period for which profits and gains of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vance tax) due under any provision of this Act; (b) wealth-tax due under any provision of the Wealth-tax Act, 1957 (27 of 1957); (c) gift-tax due under any provision of the Gift-tax Act, 1958 (18 of 1958); (d) super profits tax due under any provision of the Super Profits Tax Act, 1963 (14 of 1963); (e) surtax due under any provision of the Companies (Profits) Surtax Act, 1964 (7 of 1964); (ii) an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be taken to be the written down value of the ship as reduced by the aggregate of the amounts owed by the assessee as on the computation date on account of moneys borrowed or debts incurred in acquiring that ship. Explanation : In this clause, computation date in relation to a ship, means - (a) in respect of the previous year in which the ship is first brought into use, the date on which it is ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
