{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"9","heading":"Amendment of section 28","text":"Amendment of section 28. 9. In section 28 of the Income-tax Act, with effect from the 1st day of April, 2019,— (I) | in clause (ii), after sub-clause (d), the following sub-clause shall be inserted, namely:— \"(e) | any person, by whatever name called, at or in connection with the termination or the modification of the terms and conditions, of any contract relating to his business;\"; (II) | after clause (vi), the following clause shall be inserted, namely:— \"(via) | the fair market value of inventory as on the date on which it is converted into, or treated as, a capital asset determined in the prescribed manner;\".","html":"<p><b>Amendment of section 28.</b></p><p><b>9.</b> In section 28 of the Income-tax Act, with effect from the 1st day of April, 2019,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in clause (<i>ii</i>), after sub-clause (<i>d</i>), the following sub-clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>e</i>)</td><td></td><td>any person, by whatever name called, at or in connection with the termination or the modification of the terms and conditions, of any contract relating to his business;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>II</i>)</td><td></td><td>after clause (<i>vi</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>via</i>)</td><td></td><td>the fair market value of inventory as on the date on which it is converted into, or treated as, a capital asset determined in the prescribed manner;\".</td></tr></table></div>","words":107,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/9/","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."}