Amendment of section 49
Section 20 of the Finance Act, 1967 deals with amendment of section 49. Amendment of section 49 20. Section 49 of the Income-tax Act shall be re-numbered as subsection (1) thereof, and— (i) in sub-section (1) as so re-numbered,— (a) in sub-clause (e) of clause (iii), after the word, brackets and figure "clause (v)", the words, brackets and figures "or clause (vi)" shall The Act was enacted on 05 Aug 1967.
Amendment of section 49
20. Section 49 of the Income-tax Act shall be re-numbered as subsection (1) thereof, and—
(i) in sub-section (1) as so re-numbered,—
(a) in sub-clause (e) of clause (iii), after the word, brackets and figure "clause (v)", the words, brackets and figures "or clause (vi)" shall be inserted;
(b) in the Explanation, for the word "section", wherever it occurs, the word "sub-section" shall be substituted; and
(ii) after sub-section (1) as so re-numbered, the following sub-section shall be added, namely:—
"(2) Where the capital asset being a share or shares in an amalgamated company which is an Indian company became the property of the assessee in consideration of a transfer referred to in clause (vii) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share or shares in the amalgamating company.".
[Finance (No.
2) Act, 1967]
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Section 20, 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 20
What does Section 20 of the Finance Act deal with?
Section 20 of the Finance Act is headed "Amendment of section 49". Amendment of section 49 20. Section 49 of the Income-tax Act shall be re-numbered as subsection (1) thereof, and— (i) in sub-section (1) as so re-numbered,— (a) in sub-clause (e) of clause (iii), after the word, brackets and figure "clause (v)", the words, brackets and figures "or clause (vi)" shall
How do I find court cases under Section 20 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 20, section 20 Finance Act 1967, section 20 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 20 of the Finance Act, and has it changed?
Its own text turns on section 47 (Repeal), Income-tax Act 49 (Cost with reference to certain modes of acquisition), so none of them can safely be read on its own. 3 other provisions in this corpus refer back to it.
When was Section 20 of the Finance Act enacted?
Section 20 of the Finance Act, cited as Finance Act 1967 20, 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.