{"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":"35","heading":"Amendment of section 56","text":"Amendment of section 56. 35. In section 56 of the Income-tax Act, in sub-section (2), in clause (vii), in the second proviso occurring after sub-clause (c), with effect from the 1st day of April, 2017,— (a) | in clause (g), for the word, figures and letters \"section 12AA\", the words, figures and letters \"section 12AA; or\" shall be substituted; (b) | after clause (g), the following clause shall be inserted, namely:— \"(h) | by way of transaction not regarded as transfer under clause (vicb) or clause (vid) or clause (vii) of section 47.\".","html":"<p><b>Amendment of section 56.</b></p><p><b>35.</b> In section 56 of the Income-tax Act, in sub-section (2), in clause (<i>vii</i>), in the second proviso occurring after sub-clause (<i>c</i>), with effect from the 1st day of April, 2017,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>g</i>), for the word, figures and letters \"section 12AA\", the words, figures and letters \"section 12AA; or\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>after clause (<i>g</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>h</i>)</td><td></td><td>by way of transaction not regarded as transfer under clause (<i>vicb</i>) or clause (<i>vid</i>) or clause (<i>vii</i>) of section 47.\".</td></tr></table></div>","words":93,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/35/","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."}