Amendment of section 43
Section 16 of the Finance Act, 1967 deals with amendment of section 43. Amendment of section 43 16. In section 43 of the Income-tax Act,— (i) in clause (1), after Explanation 6, the following Explanation shall be inserted, namely:— "Explanation 7.—Where, in a scheme of amalgamation any capital asset is transferred by the amalgamating company to the amalgamated company a The Act was enacted on 05 Aug 1967.
Amendment of section 43
16. In section 43 of the Income-tax Act,—
(i) in clause (1), after Explanation 6, the following Explanation shall be inserted, namely:—
"Explanation 7.—Where, in a scheme of amalgamation any capital asset is transferred by the amalgamating company to the amalgamated company and the amalgamated company is an Indian company, the actual cost of the transferred capital asset to, the amalgamated company shall be taken to be the same as it would have been if the amalgamating company had continued to hold the capital asset for the purposes of its own business;";
(ii) in clause (6), after Explanation 2, the following Explanation shall be inserted, namely:—
"Explanation 2A.-Where, in a scheme of amalgamation, any capital asset is transferred by the amalgamating company to the amalgamated company and the amalgamated company is an Indian company, the written down value of the transferred capital asset to the amalgamated company shall be taken to be the same as it would have been if the amalgamating company had continued to hold the capital asset for the purposes of its business.".
[Finance (No.
2) Act, 1967]
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Section 16, 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 16
What does Section 16 of the Finance Act deal with?
Section 16 of the Finance Act is headed "Amendment of section 43". Amendment of section 43 16. In section 43 of the Income-tax Act,— (i) in clause (1), after Explanation 6, the following Explanation shall be inserted, namely:— "Explanation 7.—Where, in a scheme of amalgamation any capital asset is transferred by the amalgamating company to the amalgamated company a
How do I find court cases under Section 16 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 16, section 16 Finance Act 1967, section 16 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 16 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 43 (Definitions of certain terms relevant to income from profits and gains of business or profession), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was Section 16 of the Finance Act enacted?
Section 16 of the Finance Act, cited as Finance Act 1967 16, 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.