# The Finance Act, 1967, Section 12: Amendment of section 34

- Act: The Finance Act, 1967 (Act 20 of 1967)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1967/section/12/

## Text

Amendment of section 34 12. In section 34 of the Income-tax Act, for the Explanation to clause (i) of sub-section (2), the following Explanation shall be substituted, namely:— "Explanation.—Where a capital asset is transferred— (i) by a holding company to its subsidiary company or by a subsidiary company to its holding company, or (ii) by a company to another company in a scheme of amalgamation, and the conditions specified in clause (iv) or clause (v), or. as the case may be, clause (vi) of section 47 are satisfied, then, in determining the aggregate of all deductions in respect of depreciation under this clause, account shall also be taken of the deductions in respect of depreciation allowed in the case of the company from which the asset has been transferred;". [Finance (No. 2) Act, 1967] © Copyright. Taxmann Publications Pvt. Ltd.

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