{"act":{"id":"finance-act-2003","short_title":"The Finance Act, 2003","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2003-2004.","act_number":null,"act_year":2003,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":108,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2003/"},"unit":"section","section":{"number":"17","heading":"Amendment of section 33AC","text":"Amendment of section 33AC. 17.    In section 33AC of the Income-tax Act, with effect from the 1st day of April, 2004,— (a ) in sub-section (3), in clause (c), for the words \"eight years\", the words \"three years\" shall be substituted; (b ) after sub-section (3) and before the Explanation, the following sub-section shall be inserted, namely:— \"(4) Where the ship is sold or otherwise transferred (other than in any scheme of demerger) after the expiry of the period specified in clause (c) of sub-section (3) and the sale proceeds are not utilised for the purpose of acquiring a new ship within a period of one year from the end of the previous year in which such sale or transfer took place, such sale proceeds shall be deemed to be the profits of the assessment year immediately following the previous year in which the ship is sold or trans­ferred.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 33AC.</b></p><p><b>17. </b> <i> </i> In section 33AC of the Income-tax Act, with effect from the 1st day of April, 2004,—</p><p>(<i>a</i> ) in sub-section (3), in clause (<i>c</i>), for the words \"eight years\", the words \"three years\" shall be substituted;</p><p>(<i>b</i> ) after sub-section (3) and before the <i>Explanation,</i> the following sub-section shall be inserted, namely:—</p><p>\"(4) Where the ship is sold or otherwise transferred (other than in any scheme of demerger) after the expiry of the period specified in clause (<i>c</i>) of sub-section (3) and the sale proceeds are not utilised for the purpose of acquiring a new ship within a period of one year from the end of the previous year in which such sale or transfer took place, such sale proceeds shall be deemed to be the profits of the assessment year immediately following the previous year in which the ship is sold or trans­ferred.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":155,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2003/section/17/","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."}