{"act":{"id":"finance-act-2012","short_title":"The Finance Act, 2012","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.","act_number":null,"act_year":2012,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":121,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2012/"},"unit":"section","section":{"number":"12","heading":"Amendment of section 40A","text":"Amendment of section 40A. 12. In section 40A of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2013,— (i) in clause (a), the following proviso shall be inserted, namely:— \"Provided that no disallowance, on account of any expenditure being excessive or unreasonable having regard to the fair market value, shall be made in respect of a specified domestic transaction referred to in section 92BA, if such transaction is at arm's length price as defined in clause (ii) of section 92F.\"; (ii) in clause (b), in sub-clause (iv), after the words \"or any relative of such director, partner or member\", the words \"or any other company carrying on business or profession in which the first mentioned company has substantial interest\" shall be inserted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 40A.</b></p><p><b>12.</b> In section 40A of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2013,—</p><p>(<i>i</i>) in clause (<i>a</i>), the following proviso shall be inserted, namely:—</p><p>\"<b>Provided</b> that no disallowance, on account of any expenditure being excessive or unreasonable having regard to the fair market value, shall be made in respect of a specified domestic transaction referred to in section 92BA, if such transaction is at arm's length price as defined in clause (<i>ii</i>) of section 92F.\";</p><p>(<i>ii</i>) in clause (<i>b</i>)<i>, </i>in sub-clause (<i>iv</i>), after the words \"or any relative of such director, partner or member\", the words \"or any other company carrying on business or profession in which the first mentioned company has substantial interest\" shall be inserted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":134,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2012/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."}