{"act":{"id":"finance-act-1999","short_title":"The Finance Act, 1999","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1999-2000.","act_number":null,"act_year":1999,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":102,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1999/"},"unit":"section","section":{"number":"18","heading":"Amendment of section 35ABB","text":"Amendment of section 35ABB. 18. In section 35ABB of the Income-tax Act,— (a ) in sub-section (1), for the words \"for acquiring any right to operate telecommunication services\", the words \"for acquiring any right to operate telecommunication services either before the commencement of the business to operate telecommunica­tion services or thereafter at any time during any previous year\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1996; (b ) in the Explanation to sub-section (1), for clause (i), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1996, namely :— ‘( i) \"relevant previous years\" means,— (A) in a case where the licence fee is actually paid before the commencement of the business to operate telecomm-unication services, the previous years beginning with the previous year in which such business commenced; (B) in any other case, the previous years beginning with the previous year in which the licence fee is actually paid, and the subsequent previous year or years during which the licence, for which the fee is paid, shall be in force;’; (c ) after sub-section (6), the following sub-section shall be inserted with effect from the 1st day of April, 2000, namely:— \"(7) Where, in a scheme of a demerger, the demerged company sells or otherwise transfers the licence to the resulting company (being an Indian company),— (i) the provisions of sub-sections (2), (3) and (4) shall not apply in the case of the demerged company; and (ii) the provisions of this section shall, as far as may be, apply to the resulting company as they would have applied to the demerged company if the latter had not transferred the licence.\"; (d ) after sub-section (7), as so inserted, the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1996, namely :— \"(8) Where a deduction for any previous year under sub-section (1) is claimed and allowed in respect of any expenditure referred to in that sub-section, no deduction shall be allowed under sub-section (1) of section 32 for the same previous year or any subsequent previous year.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"

Amendment of section 35ABB.

18. In section 35ABB of the Income-tax Act,—

(a ) in sub-section (1), for the words \"for acquiring any right to operate telecommunication services\", the words \"for acquiring any right to operate telecommunication services either before the commencement of the business to operate telecommunica­tion services or thereafter at any time during any previous year\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1996;

(b ) in the Explanation to sub-section (1), for clause (i), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1996, namely :—

‘( i) \"relevant previous years\" means,—

(A) in a case where the licence fee is actually paid before the commencement of the business to operate telecomm-unication services, the previous years beginning with the previous year in which such business commenced;

(B) in any other case, the previous years beginning with the previous year in which the licence fee is actually paid,

and the subsequent previous year or years during which the licence, for which the fee is paid, shall be in force;’;

(c ) after sub-section (6), the following sub-section shall be inserted with effect from the 1st day of April, 2000, namely:—

\"(7) Where, in a scheme of a demerger, the demerged company sells or otherwise transfers the licence to the resulting company (being an Indian company),—

(i) the provisions of sub-sections (2), (3) and (4) shall not apply in the case of the demerged company; and

(ii) the provisions of this section shall, as far as may be, apply to the resulting company as they would have applied to the demerged company if the latter had not transferred the licence.\";

(d ) after sub-section (7), as so inserted, the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1996, namely :—

\"(8) Where a deduction for any previous year under sub-section (1) is claimed and allowed in respect of any expenditure referred to in that sub-section, no deduction shall be allowed under sub-section (1) of section 32 for the same previous year or any subsequent previous year.\".

© Copyright. Taxmann Publications Pvt. Ltd.

","words":381,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1999/section/18/","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."}