Amendment of section 34
Section 12 of the Finance Act, 1967 deals with amendment of section 34. 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 co The Act was enacted on 05 Aug 1967.
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]
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Section 12, 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 12
What does Section 12 of the Finance Act deal with?
Section 12 of the Finance Act is headed "Amendment of section 34". 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 co
How do I find court cases under Section 12 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 12, section 12 Finance Act 1967, section 12 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 12 of the Finance Act, and has it changed?
Its own text turns on section 34 (Amendment of Act 27 of 1957), section 47 (Repeal), Income-tax Act 34 (Conditions for depreciation allowance and development rebate), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was Section 12 of the Finance Act enacted?
Section 12 of the Finance Act, cited as Finance Act 1967 12, 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.