Amendment of section 54ED.
14. In section 54ED of the Income-tax Act, in sub-section (1), for the words \"from the transfer of a long-term capital asset,\", the words, figures and letters \"from the transfer before the 1st day of April, 2006, of a long-term capital asset,\" shall be substituted with effect from the 1st day of April, 2007.
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","words":64,"text_source":"published"},"classification":[],"instruments":[],"judgments":[{"cnr":"SCIN010114572012","order":"order-53.pdf","title":"Maxopp Investment Ltd. . Director vs Commr. of I. T New Delhi","court":"SC","court_name":"Supreme Court of India","date":"2018-02-12","citation":null,"precedential_value":"Binding (Supreme Court)","court_marking":"reportable","ratio_decidendi":"The dominant purpose or intention behind investment in shares is not relevant in determining applicability of Section 14A. Where dividend income is earned on shares, whether held as investment for acquiring controlling interest or as stock-in-trade, the principle of apportionment of expenditure between taxable and non-taxable income applies under Section 14A. Expenditure incurred in relation to earning tax-exempt dividend income must be disallowed proportionately. However, where shares are held as stock-in-trade and dividend is earned incidentally, the apportionment must be done based on actual facts and circumstances. The Assessing Officer must record satisfaction before applying apportionment under Section 14A(2) read with Rule 8D, and must examine the nature of loan taken for purchasing shares. Rule 8D is prospective in nature and applies only to assessment years from 2007-08 onwards.","applied_to_this_section":"Amended Section 14A by renumbering original provision as sub-section (1) and adding sub-sections (2) and (3)","basis":"cited","decided_under":null,"url":"https://ecourtsindia.com/cnr/SCIN010114572012/order-53"}],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2006/section/14/","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."}