{"act":{"id":"finance-act-2000","short_title":"The Finance Act, 2000","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2000-2001.","act_number":null,"act_year":2000,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":82,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2000/"},"unit":"section","section":{"number":"24","heading":"Amendment of section 50B","text":"Amendment of section 50B. 24. In section 50B of the Income-tax Act, for the Explanation, the following Explanations shall be substituted, namely:— ‘Explanation 1.—For the purposes of this section, \"net worth\" shall be the aggregate value of total assets of the undertaking or division as reduced by the value of liabilities of such under­taking or division as appearing in its books of account: Provided that any change in the value of assets on account of revaluation of assets shall be ignored for the purposes of com­puting the net worth. Explanation 2.—For computing the net worth, the aggregate value of total assets shall be,— (a) in the case of depreciable assets, the written down value of the block of assets determined in accordance with the provisions contained in sub-item (C) of item (i) of sub-clause ( c) of clause (6) of section 43; and (b) in the case of other assets, the book value of such assets.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 50B.</b></p><p><b>24.</b> In section 50B of the Income-tax Act, for the <i>Explanation,</i> the following <i>Explanations</i> shall be substituted, namely:—</p><p><i>‘Explanation 1.</i>—For the purposes of this section, \"net worth\" shall be the aggregate value of total assets of the undertaking or division as reduced by the value of liabilities of such under­taking or division as appearing in its books of account:</p><p><b>Provided</b> that any change in the value of assets on account of revaluation of assets shall be ignored for the purposes of com­puting the net worth.</p><p><i>Explanation 2.</i>—For computing the net worth, the aggregate value of total assets shall be,—</p><p>(<i>a</i>) in the case of depreciable assets, the written down value of the block of assets determined in accordance with the provisions contained in sub-item (<i>C</i>) of item (<i>i</i>) of sub-clause ( <i>c</i>) of clause (<i>6</i>) of section 43; and</p><p>(<i>b</i>) in the case of other assets, the book value of such assets.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":162,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2000/section/24/","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."}