{"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":"25","heading":"Amendment of section 42","text":"Amendment of section 42. 25. In section 42 of the Income-tax Act, in sub-section (2), in clause (c), for the proviso, the following proviso shall be sub­stituted with effect from the 1st day of April, 2000, namely :— \"Provided that where in a scheme of amalgamation or demerger, the amalgamating or the demerged company sells or otherwise transfers the business to the amalgamated or the resulting company (being an Indian company), the provisions of this sub-section— (i ) shall not apply in the case of the amalgamating or the demerged company; and (ii ) shall, as far as may be, apply to the amalgamated or the resulting company as they would have applied to the amalga­mating or the demerged company if the latter had not transferred the business or interest in the business.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 42.</b></p><p><b>25.</b> In section 42 of the Income-tax Act, in sub-section (2), in clause (<i>c</i>), for the proviso, the following proviso shall be sub­stituted with effect from the 1st day of April, 2000, namely :—</p><p>\"<b>Provided</b> that where in a scheme of amalgamation or demerger, the amalgamating or the demerged company sells or otherwise transfers the business to the amalgamated or the resulting company (being an Indian company), the provisions of this sub-section—</p><p>(<i>i</i> ) shall not apply in the case of the amalgamating or the demerged company; and</p><p>(<i>ii</i> ) shall, as far as may be, apply to the amalgamated or the resulting company as they would have applied to the amalga­mating or the demerged company if the latter had not transferred the business or interest in the business.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":139,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1999/section/25/","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."}