{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"18","heading":"Amendment of section 35AD","text":"Amendment of section 35AD. 18. In section 35AD of the Income-tax Act, with effect from the 1st day of April, 2018,— (a) | sub-section (1A) shall be omitted; (b) | in sub-section (2), after clause (iii), the following clause shall be inserted, namely:— \"(iv) | where the business is of the nature referred to in sub-clause (xiv) of clause (c) of sub-section (8), such business,— (A) | is owned by a company registered in India or by a consortium of such companies or by an authority or a board or corporation or any other body established or constituted under any Central or State Act; (B) | entity referred to in sub-clause (A) has entered into an agreement with the Central Government or a State Government or a local authority or any other statutory body for developing or operating and maintaining or developing, operating and maintaining, a new infrastructure facility.\"; (c) | in sub-section (5),— (I) | in clause (aj), the word \"and\" occurring at the end shall be omitted; (II) | after clause (aj), the following clause shall be inserted, namely:— \"(ak) | on or after the 1st day of April, 2017, where the specified business is in the nature of developing or operating and maintaining or developing, operating and maintaining, any infrastructure facility; and\"; (d) | in sub-section (8),— (I) | after clause (b), the following clause shall be inserted, namely:— '(ba) | \"infrastructure facility\" means— (i) | a road including toll road, a bridge or a rail system; (ii) | a highway project including housing or other activities being an integral part of the highway project; (iii) | a water supply project, water treatment system, irrigation project, sanitation and sewerage system or solid waste management system; (iv) | a port, airport, inland waterway, inland port or navigational channel in the sea;'; (II) | in clause (c), after sub-clause (xiii), the following sub-clause shall be inserted, namely:— \"(xiv) | developing or maintaining and operating or developing, maintaining and operating a new infrastructure facility.\".","html":"

Amendment of section 35AD.

18. In section 35AD of the Income-tax Act, with effect from the 1st day of April, 2018,—

(a)sub-section (1A) shall be omitted;
(b)in sub-section (2), after clause (iii), the following clause shall be inserted, namely:—
\"(iv)where the business is of the nature referred to in sub-clause (xiv) of clause (c) of sub-section (8), such business,—
(A)is owned by a company registered in India or by a consortium of such companies or by an authority or a board or corporation or any other body established or constituted under any Central or State Act;
(B)entity referred to in sub-clause (A) has entered into an agreement with the Central Government or a State Government or a local authority or any other statutory body for developing or operating and maintaining or developing, operating and maintaining, a new infrastructure facility.\";
(c)in sub-section (5),—
(I)in clause (aj), the word \"and\" occurring at the end shall be omitted;
(II)after clause (aj), the following clause shall be inserted, namely:—
\"(ak)on or after the 1st day of April, 2017, where the specified business is in the nature of developing or operating and maintaining or developing, operating and maintaining, any infrastructure facility; and\";
(d)in sub-section (8),—
(I)after clause (b), the following clause shall be inserted, namely:—
'(ba)\"infrastructure facility\" means—
(i)a road including toll road, a bridge or a rail system;
(ii)a highway project including housing or other activities being an integral part of the highway project;
(iii)a water supply project, water treatment system, irrigation project, sanitation and sewerage system or solid waste management system;
(iv)a port, airport, inland waterway, inland port or navigational channel in the sea;';
(II)in clause (c), after sub-clause (xiii), the following sub-clause shall be inserted, namely:—
\"(xiv)developing or maintaining and operating or developing, maintaining and operating a new infrastructure facility.\".
","words":334,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/18/","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."}