{"act":{"id":"finance-act-2008","short_title":"The Finance Act, 2008","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2008-2009.","act_number":null,"act_year":2008,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":71,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2008/"},"unit":"section","section":{"number":"12","heading":"Amendment of section 43","text":"Amendment of section 43. 12. In section 43 of the Income-tax Act, in clause (6), after Explanation 5, the following Explanation shall be inserted and shall be deemed to have been inserted, with effect from the 1st day of April, 2003, namely:— \"Explanation 6.—Where an assessee was not required to compute his total income for the purposes of this Act for any previous year or years preceding the previous year relevant to the assessment year under consideration,— (a ) the actual cost of an asset shall be adjusted by the amount attributable to the revaluation of such asset, if any, in the books of account; (b ) the total amount of depreciation on such asset, provided in the books of account of the assessee in respect of such previous year or years preceding the previous year relevant to the assessment year under consideration shall be deemed to be the depreciation actually allowed under this Act for the purposes of this clause; and (c ) the depreciation actually allowed under clause (b ) shall be adjusted by the amount of depreciation attributable to such revaluation of the asset.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 43.</b></p><p><b>12.</b> In section 43 of the Income-tax Act, in clause (<i>6</i>), after <i>Explanation 5,</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, 2003, namely:—</p><p><i>\"Explanation 6.</i>—Where an assessee was not required to compute his total income for the purposes of this Act for any previous year or years preceding the previous year relevant to the assessment year under consideration,—</p><p>(<i>a</i> ) the actual cost of an asset shall be adjusted by the amount attributable to the revaluation of such asset, if any, in the books of account;</p><p>(<i>b</i> ) the total amount of depreciation on such asset, provided in the books of account of the assessee in respect of such previous year or years preceding the previous year relevant to the assessment year under consideration shall be deemed to be the depreciation actually allowed under this Act for the purposes of this clause; and</p><p>(<i>c</i> ) the depreciation actually allowed under clause (<i>b</i> ) shall be adjusted by the amount of depreciation attributable to such revaluation of the asset.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":193,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2008/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."}