{"act":{"id":"finance-act-2006","short_title":"The Finance Act, 2006","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2006-2007.","act_number":null,"act_year":2006,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":66,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2006/"},"unit":"section","section":{"number":"12","heading":"Amendment of section 43B","text":"Amendment of section 43B. 12. In section 43B of the Income-tax Act,— (a ) after Explanation 3B, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely:— \" Explanation 3C.—For the removal of doubts, it is hereby declared that a deduction of any sum, being interest payable under clause (d) of this section, shall be allowed if such interest has been actually paid and any interest referred to in that clause which has been converted into a loan or borrowing shall not be deemed to have been actually paid.\"; (b ) after Explanation 3C as so inserted, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1997, namely:— \" Explanation 3D.—For the removal of doubts, it is hereby declared that a deduction of any sum, being interest payable under clause (e) of this section, shall be allowed if such interest has been actually paid and any interest referred to in that clause which has been converted into a loan or advance shall not be deemed to have been actually paid.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 43B.</b></p><p><b>12.</b> In section 43B of the Income-tax Act,—</p><p>(<i>a</i> ) after <i>Explanation</i> <i>3B,</i> the following <i>Explanation</i> shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely:—</p><p>\" <i>Explanation 3C.</i>—For the removal of doubts, it is hereby declared that a deduction of any sum, being interest payable under clause (<i>d</i>) of this section, shall be allowed if such interest has been actually paid and any interest referred to in that clause which has been converted into a loan or borrowing shall not be deemed to have been actually paid.\";</p><p>(<i>b</i> ) after <i>Explanation</i> <i>3C</i> as so inserted, the following <i>Explanation</i> shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1997, namely:—</p><p>\" <i>Explanation 3D.</i>—For the removal of doubts, it is hereby declared that a deduction of any sum, being interest payable under clause (<i>e</i>) of this section, shall be allowed if such interest has been actually paid and any interest referred to in that clause which has been converted into a loan or advance shall not be deemed to have been actually paid.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":203,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2006/section/12/","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."}