{"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":"33","heading":"Insertion of new section 46A","text":"Insertion of new section 46A. 33. After section 46 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2000, namely :— ‘46A. Capital gains on purchase by company of its own shares or other specified securities.—Where a shareholder or a holder of other specified securities receives any consideration from any company for purchase of its own shares or other specified securities held by such shareholder or holder of other specified securities, then, subject to the provisions of section 48, the difference between the cost of acquisition and the value of consideration received by the shareholder or the holder of other specified securities, as the case may be, shall be deemed to be the capital gains arising to such shareholder or the holder of other specified securities, as the case may be, in the year in which such shares or other specified securities were purchased by the company. Explanation.—For the purposes of this section, \"specified securities\" shall have the meaning assigned to it in Explanation to section 77A of the Companies Act, 1956 (1 of 1956).’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 46A.</b></p><p><b>33.</b> After section 46 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2000, namely :—</p><p>‘46A. <i>Capital gains on purchase by company of its own shares or other specified securities.</i>—Where a shareholder or a holder of other specified securities receives any consideration from any company for purchase of its own shares or other specified securities held by such shareholder or holder of other specified securities, then, subject to the provisions of section 48, the difference between the cost of acquisition and the value of consideration received by the shareholder or the holder of other specified securities, as the case may be, shall be deemed to be the capital gains arising to such shareholder or the holder of other specified securities, as the case may be, in the year in which such shares or other specified securities were purchased by the company.</p><p><i>Explanation.—</i>For the purposes of this section, \"specified securities\" shall have the meaning assigned to it in <i>Explanation</i> to section 77A of the Companies Act, 1956 (1 of 1956).’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":190,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1999/section/33/","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."}