{"act":{"id":"finance-act-2019-no-2","short_title":"The Finance Act, 2019 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.","act_number":null,"act_year":2019,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":217,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/"},"unit":"section","section":{"number":"34","heading":"Amendment of section 115JB","text":"Amendment of section 115JB 34. In section 115JB of the Income-tax Act, in sub-section (2), in Explanation 1, in the long line, for clause (iih), the following clause shall be substituted with effect from the 1st day of April, 2020, namely:— '(iih) | the aggregate amount of unabsorbed depreciation and loss brought forward in case of a— (A) | company, and its subsidiary and the subsidiary of such subsidiary, where, the Tribunal, on an application moved by the Central Government under section 241 of the Companies Act, 2013 (18 of 2013) has suspended the Board of Directors of such company and has appointed new directors who are nominated by the Central Government under section 242 of the said Act; (B) | company against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016). Explanation.—For the purposes of this clause,— (i) | \"Adjudicating Authority\" shall have the meaning assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016); (ii) | \"Tribunal\" shall have the meaning assigned to it in clause (90) of section 2 of the Companies Act, 2013 (18 of 2013); (iii) | a company shall be a subsidiary of another company, if such other company holds more than half in the nominal value of equity share capital of the company; (iv) | \"loss\" shall not include depreciation; or'.","html":"<p><b><b>Amendment of section 115JB</b></b></p><p><b><b>34</b>.</b> In section 115JB of the Income-tax Act, in sub-section (2), in <i>Explanation 1,</i> in the long line, for clause (<i>iih</i>), the following clause shall be substituted with effect from the 1st day of April, 2020, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>iih</i>)</td><td></td><td>the aggregate amount of unabsorbed depreciation and loss brought forward in case of a—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>company, and its subsidiary and the subsidiary of such subsidiary, where, the Tribunal, on an application moved by the Central Government under section 241 of the Companies Act, 2013 (18 of 2013) has suspended the Board of Directors of such company and has appointed new directors who are nominated by the Central Government under section 242 of the said Act;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>company against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td><i>Explanation</i>.—For the purposes of this clause,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>\"Adjudicating Authority\" shall have the meaning assigned to it in clause (<i>1</i>) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016);</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>\"Tribunal\" shall have the meaning assigned to it in clause (<i>90</i>) of section 2 of the Companies Act, 2013 (18 of 2013);</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>a company shall be a subsidiary of another company, if such other company holds more than half in the nominal value of equity share capital of the company;</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>\"loss\" shall not include depreciation; or'.</td></tr></table></div>","words":252,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/section/34/","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."}