{"act":{"id":"finance-act-2001","short_title":"The Finance Act, 2001","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002.","act_number":null,"act_year":2001,"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-2001/"},"unit":"section","section":{"number":"26","heading":"Amendment of section 43","text":"Amendment of section 43. 26. In section 43 of the Income-tax Act, with effect from the 1st day of April, 2002,— (a) in clause (1), after Explanation 11, the following Explanation shall be inserted, namely :— \"Explanation 12.—Where any capital asset is acquired by the assessee under a scheme for corporatisation of a recognised stock exchange in India, approved by the Securities and Exchange Board of India established under section 3 of the Securities and Ex­change Board of India Act, 1992 (15 of 1992), the actual cost of the asset shall be deemed to be the amount which would have been regarded as actual cost had there been no such corporatisation.\"; (b) in clause (6), after Explanation 4, the following Explanation shall be inserted, namely :— \"Explanation 5.—Where in a previous year, any asset forming part of a block of assets is transferred by a recognised stock ex­change in India to a company under a scheme for corporatisation approved by the Securities and Exchange Board of India estab­lished under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the written down value of the block of assets in the case of such company shall be the written down value of the transferred assets immediately before such transfer.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 43.</b></p><p><b>26.</b> In section 43 of the Income-tax Act, with effect from the 1st day of April, 2002,—</p><p>(<i>a</i>) in clause (<i>1</i>), after <i>Explanation 11,</i> the following <i>Explanation</i> shall be inserted, namely :—</p><p>\"<i>Explanation 12.</i>—Where any capital asset is acquired by the assessee under a scheme for corporatisation of a recognised stock exchange in India, approved by the Securities and Exchange Board of India established under section 3 of the Securities and Ex­change Board of India Act, 1992 (15 of 1992), the actual cost of the asset shall be deemed to be the amount which would have been regarded as actual cost had there been no such corporatisation.\";</p><p>(<i>b</i>) in clause (<i>6</i>), after <i>Explanation 4,</i> the following <i>Explanation</i> shall be inserted, namely :—</p><p>\"<i>Explanation 5.</i>—Where in a previous year, any asset forming part of a block of assets is transferred by a recognised stock ex­change in India to a company under a scheme for corporatisation approved by the Securities and Exchange Board of India estab­lished under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the written down value of the block of assets in the case of such company shall be the written down value of the transferred assets immediately before such transfer.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":219,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2001/section/26/","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."}