Amendment of section 33A
Section 10 of the Finance Act, 1967 deals with amendment of section 33A. Amendment of section 33A 10. In section 33A of the Income-tax Act, for sub-section (5), the following sub-section shall be substituted, namely:— "(5) Where, in a scheme of amalgamation, the amalgamating company sells or otherwise transfers to the amalgamated company any land in respect of which deve The Act was enacted on 05 Aug 1967.
Amendment of section 33A
10. In section 33A of the Income-tax Act, for sub-section (5), the following sub-section shall be substituted, namely:—
"(5) Where, in a scheme of amalgamation, the amalgamating company sells or otherwise transfers to the amalgamated company any land in respect of which development allowance has been allowed to the amalgamating company under sub-section (1),—
(a) the amalgamated company shall continue to fulfil the conditions mentioned in sub-section (3) in respect of the reserve created by the amalgamating company and in respect of the period within which such land shall not be sold or otherwise transferred and in default of any of these conditions. the provisions of sub-section (5A) of section 155 shall apply to the amalgamated company as they would have applied to the amalgamating company had it committed the default; and
(b) the balance of development allowance. if any. still outstanding to the amalgamating company in respect of such land shall be allowed to the amalgamated company in accordance with the provisions of sub-section (2). so. however, that the total period for which the balance of development allowance shall be carried forward in the assessments of the amalgamating company and the amalgamated company shall not exceed the period of eight years specified in sub-section (2) and the amalgamated company shall be treated as the assessee in respect of such land for the purposes of this section.".
[Finance (No.
2) Act, 1967]
© Copyright. Taxmann Publications Pvt. Ltd.
Section 10, The Finance Act, 1967 (Act 20 of 1967).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 10
What does Section 10 of the Finance Act deal with?
Section 10 of the Finance Act is headed "Amendment of section 33A". Amendment of section 33A 10. In section 33A of the Income-tax Act, for sub-section (5), the following sub-section shall be substituted, namely:— "(5) Where, in a scheme of amalgamation, the amalgamating company sells or otherwise transfers to the amalgamated company any land in respect of which deve
How do I find court cases under Section 10 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1967 10, section 10 Finance Act 1967, section 10 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 10 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 33A (Development allowance), so none of them can safely be read on its own. 4 other provisions in this corpus refer back to it.
When was Section 10 of the Finance Act enacted?
Section 10 of the Finance Act, cited as Finance Act 1967 10, was enacted on 05 Aug 1967 as Act 20 of 1967. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. Income-tax and surcharges on income-tax17952 words
- 2. Income-tax1717 words
- 27. Amendment of Chapter XIII1494 words
- 34. Amendment of Act 27 of 19571262 words
- 35. Amendment of Act 18 of 19581256 words
- 30. Amendment of Chapter XVII1048 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.