{"act":{"id":"finance-act-1977","short_title":"The Finance Act, 1977","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1977-1978.","act_number":"11","act_year":1977,"enact_date":"1977-08-06","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":37,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1977/"},"unit":"section","section":{"number":"23","heading":"Amendment of section 155","text":"Amendment of section 155 23. In section 155 of the Income-tax Act, after sub-section (10), the following sub-section shall be inserted with effect from the 1st day of April, 1978, namely: — \"(10A) Where in the assessment for any year, a capital gain arising from the transfer of a capital asset, not being a short-term capital asset, is charged to tax and within a period of six months alter the date of such transfer, the assessee has made any investment or deposit in any specified asset within the meaning of Explanation 1 to sub-section (1) of section 54E, the Income-tax Officer shall amend the order of assessment so as to exclude the amount of the capital gain not chargeable to tax under the provisions of section 54E, and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the date of the assessment.\". [Finance (No. 2) Act, 1977] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 155</b></p><p><b>23.</b> In section 155 of the Income-tax Act, after sub-section (<i>10</i>), the following sub-section shall be inserted with effect from the 1st day of April, 1978, namely: —</p><p>\"(<i>10A</i>) Where in the assessment for any year, a capital gain arising from the transfer of a capital asset, not being a short-term capital asset, is charged to tax and within a period of six months alter the date of such transfer, the assessee has made any investment or deposit in any specified asset within the meaning of <i>Explanation 1</i> to sub-section (<i>1</i>) of section 54E, the Income-tax Officer shall amend the order of assessment so as to exclude the amount of the capital gain not chargeable to tax under the provisions of section 54E, and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (<i>7</i>) of that section being reckoned from the date of the assessment.\".</p><p>[Finance (No. 2) Act, 1977]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":172,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1977/section/23/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}