{"act":{"id":"finance-act-2009","short_title":"The Finance Act, 2009","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2009-2010.","act_number":null,"act_year":2009,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":89,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2009/"},"unit":"section","section":{"number":"17","heading":"Amendment of section 43","text":"Amendment of section 43. 17. In section 43 of the Income-tax Act, with effect from the 1st day of April, 2010,— (a ) in clause (1), after Explanation 12, the following Explanation shall be inserted, namely :— \" Explanation 13.—The actual cost of any capital asset on which deduction has been allowed or is allowable to the assessee under section 35AD, shall be treated as ‘nil’,— (a) in the case of such assessee; and (b) in any other case if the capital asset is acquired or received,— (i ) by way of gift or will or an irrevocable trust; (ii ) on any distribution on liquidation of the company; and (iii ) by such mode of transfer as is referred to in clauses ( i), (iv), (v), (vi ), (vib), (xiii ) and (xiv) of section 47;\"; (b ) in clause (6), after Explanation 6, the following Expla­nation shall be inserted, namely :— ‘ Explanation 7.—For the purposes of this clause, where the income of an assessee is derived, in part from agriculture and in part from business chargeable to income-tax under the head \"Profits and gains of business or profession\", for computing the written down value of assets acquired before the previous year, the total amount of depreciation shall be computed as if the entire income is derived from the business of the assessee under the head \"Profits and gains of business or profession\" and the depreciation so computed shall be deemed to be the depreciation actually allowed under this Act.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 43.</b></p><p><b>17.</b> In section 43 of the Income-tax Act, with effect from the 1st day of April, 2010,—</p><p>(<i>a</i> ) in clause (<i>1</i>), after <i>Explanation 12,</i> the following <i>Explanation</i> shall be inserted, namely :—</p><p>\" <i>Explanation 13.</i>—The actual cost of any capital asset on which deduction has been allowed or is allowable to the assessee under section 35AD, shall be treated as <i>‘nil’</i>,—</p><p>(<i>a</i>) in the case of such assessee; and</p><p>(<i>b</i>) in any other case if the capital asset is acquired or received,—</p><p>(<i>i</i> ) by way of gift or will or an irrevocable trust;</p><p>(<i>ii</i> ) on any distribution on liquidation of the company; and</p><p>(<i>iii</i> ) by such mode of transfer as is referred to in clauses ( <i>i</i>), (<i>iv</i>), (<i>v</i>), (<i>vi</i> ), (<i>vib</i>), (<i>xiii</i> ) and (<i>xiv</i>) of section 47;\";</p><p>(<i>b</i> ) in clause (<i>6</i>), after <i>Explanation 6,</i> the following <i>Expla­nation</i> shall be inserted, namely :—</p><p>‘ <i>Explanation 7.</i>—For the purposes of this clause, where the income of an assessee is derived, in part from agriculture and in part from business chargeable to income-tax under the head \"Profits and gains of business or profession\", for computing the written down value of assets acquired before the previous year, the total amount of depreciation shall be computed as if the entire income is derived from the business of the assessee under the head \"Profits and gains of business or profession\" and the depreciation so computed shall be deemed to be the depreciation actually allowed under this Act.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":258,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2009/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."}