{"act":{"id":"finance-act-2004","short_title":"The Finance Act, 2004","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2004-2005.","act_number":null,"act_year":2004,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":68,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2004/"},"unit":"section","section":{"number":"17","heading":"Amendment of section 80IA","text":"Amendment of section 80-IA. 17. In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 2005,— (a ) in sub-section (2), after the words \"generates power or commences transmission or distribution of power\", the words \"or undertakes substantial renovation and modernisation of the exist­ing transmission or distribution lines\" shall be inserted; (b ) in sub-section (3),— (A) in the opening portion, for the words, brackets and figures \"undertaking referred to in clause (iv)\", the words, brackets and figures \"undertaking referred to in clause (ii) or clause (iv)\" shall be substituted; (B) after clause (ii) and before the Explanation 1, the following proviso shall be inserted, namely:— \" Provided that nothing contained in this sub-section shall apply in the case of transfer, either in whole or in part, of machin­ery or plant previously used by a State Electricity Board re­ferred to in clause (7) of section 2 of the Electricity Act, 2003 (36 of 2003), whether or not such transfer is in pursuance of the splitting up or reconstruction or reorganisation of the Board under Part XIII of that Act.\"; (c ) in sub-section (4),— (A) in clause (ii), for the figures, letters and words \"31st day of March, 2004\", the figures, letters and words \"31st day of March, 2005\" shall be substituted; (B) in clause (iv), after sub-clause (b), the following shall be inserted, namely:— ‘(c ) undertakes substantial renovation and modernisation of the existing network of transmission or distribution lines at any time during the period beginning on the 1st day of April, 2004 and ending on the 31st day of March, 2006. Explanation.—For the purposes of this sub-clause, \"substantial renovation and modernisation\" means an increase in the plant and machinery in the network of transmission or distribution lines by at least fifty per cent of the book value of such plant and machinery as on the 1st day of April, 2004.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 80-IA.</b></p><p><b>17.</b> In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 2005,—</p><p>(<i>a</i> ) in sub-section (2), after the words \"generates power or commences transmission or distribution of power\", the words \"or undertakes substantial renovation and modernisation of the exist­ing transmission or distribution lines\" shall be inserted;</p><p>(<i>b</i> ) in sub-section (3),—</p><p>(<i>A</i>) in the opening portion, for the words, brackets and figures \"undertaking referred to in clause (<i>iv</i>)\", the words, brackets and figures \"undertaking referred to in clause (<i>ii</i>) or clause (<i>iv</i>)\" shall be substituted;</p><p>(<i>B</i>) after clause (<i>ii</i>) and before the <i>Explanation</i> <i>1</i>, the following proviso shall be inserted, namely:—</p><p>\" <b>Provided</b> that nothing contained in this sub-section shall apply in the case of transfer, either in whole or in part, of machin­ery or plant previously used by a State Electricity Board re­ferred to in clause (<i>7</i>) of section 2 of the Electricity Act, 2003 (36 of 2003), whether or not such transfer is in pursuance of the splitting up or reconstruction or reorganisation of the Board under Part XIII of that Act.\";</p><p>(<i>c</i> ) in sub-section (4),—</p><p>(<i>A</i>) in clause (<i>ii</i>), for the figures, letters and words \"31st day of March, 2004\", the figures, letters and words \"31st day of March, 2005\" shall be substituted;</p><p>(<i>B</i>) in clause (<i>iv</i>), after sub-clause (<i>b</i>), the following shall be inserted, namely:—</p><p>‘(<i>c</i> ) undertakes substantial renovation and modernisation of the existing network of transmission or distribution lines at any time during the period beginning on the 1st day of April, 2004 and ending on the 31st day of March, 2006.</p><p><i>Explanation.</i>—For the purposes of this sub-clause, \"substantial renovation and modernisation\" means an increase in the plant and machinery in the network of transmission or distribution lines by at least fifty per cent of the book value of such plant and machinery as on the 1st day of April, 2004.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":324,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2004/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."}