{"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":"70","heading":"Substitution of new section for section 185","text":"Substitution of new section for section 185. 70. For section 185 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2004, namely:— ‘185. Assessment when section 184 not complied with.—Notwith­standing anything contained in any other provision of this Act, where a firm does not comply with the provisions of section 184 for any assessment year, the firm shall be so assessed that no deduction by way of any payment of interest, salary, bonus, com­mission or remuneration, by whatever name called, made by such firm to any partner of such firm shall be allowed in computing the income chargeable under the head \"Profits and gains of busi­ness or profession\" and such interest, salary, bonus, commission or remuneration shall not be chargeable to income-tax under clause (v) of section 28.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Substitution of new section for section 185.</b></p><p><b>70.</b> For section 185 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2004, namely:—</p><p>‘185. <i>Assessment when section 184 not complied with.</i>—Notwith­standing anything contained in any other provision of this Act, where a firm does not comply with the provisions of section 184 for any assessment year, the firm shall be so assessed that no deduction by way of any payment of interest, salary, bonus, com­mission or remuneration, by whatever name called, made by such firm to any partner of such firm shall be allowed in computing the income chargeable under the head \"Profits and gains of busi­ness or profession\" and such interest, salary, bonus, commission or remuneration shall not be chargeable to income-tax under clause (<i>v</i>) of section 28.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":143,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2003/section/70/","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."}