{"act":{"id":"finance-act-2002","short_title":"The Finance Act, 2002","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2002-2003.","act_number":null,"act_year":2002,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":124,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2002/"},"unit":"section","section":{"number":"69","heading":"Insertion of new section 174A","text":"Insertion of new section 174A. 69. In Chapter XV of the Income-tax Act, after section 174 and before the sub-heading \"K.—Persons trying to alienate their assets\", the following sub-heading and section shall be inserted, namely:— \"JA.— Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose 174A. Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose.— Notwithstanding anything contained in section 4, where it appears to the Assessing Officer that any association of persons or a body of individuals or an artificial juridical person, formed or established or incorporated for a particular event or purpose is likely to be dissolved in the assessment year in which such association of persons or a body of individuals or an artificial juridical person was formed or established or incorporated or immediately after such assessment year, the total income of such association or body or juridical person for the period from the expiry of the previous year for that assessment year up to the date of its dissolution shall be chargeable to tax in that assessment year, and the provisions of sub-sections (2) to (6) of section 174 shall, so far as may be, apply to any proceedings in the case of any such person as they apply in the case of persons leaving India.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 174A.</b></p><p><b>69.</b> In Chapter XV of the Income-tax Act, after section 174 and before the sub-heading \"<i>K.—Persons trying to alienate their assets</i>\", the following sub-heading and section shall be inserted, namely:—</p><p>\"<i>JA</i>.— <i>Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose</i></p><p>174A. <i>Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose.— </i>Notwithstanding anything contained in section 4, where it appears to the Assessing Officer that any association of persons or a body of individuals or an artificial juridical person, formed or established or incorporated for a particular event or purpose is likely to be dissolved in the assessment year in which such association of persons or a body of individuals or an artificial juridical person was formed or established or incorporated or immediately after such assessment year, the total income of such association or body or juridical person for the period from the expiry of the previous year for that assessment year up to the date of its dissolution shall be chargeable to tax in that assessment year, and the provisions of sub-sections (2) to (6) of section 174 shall, so far as may be, apply to any proceedings in the case of any such person as they apply in the case of persons leaving India.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":236,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2002/section/69/","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."}