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Section23
The Finance Act, 1977

Amendment of section 155

In force Act 11 of 1977 As on 07 Oct 2026

Act 11 of 1977 Ministry Finance Enacted 06 Aug 1977 Cited by 3 provisions

Section 23 of the Finance Act, 1977 deals with amendment of section 155. Amendment of section 155 23. In section 155 of the Income-tax Act, after sub-section (10), the following sub-section shall be inserted with effect from the 1st day of April, 1978, namely: — "(10A) Where in the assessment for any year, a capital gain arising from the transfer of a capital asset, not The Act was enacted on 06 Aug 1977.

Amendment of section 155

23. In section 155 of the Income-tax Act, after sub-section (10), the following sub-section shall be inserted with effect from the 1st day of April, 1978, namely: —

"(10A) Where in the assessment for any year, a capital gain arising from the transfer of a capital asset, not being a short-term capital asset, is charged to tax and within a period of six months alter the date of such transfer, the assessee has made any investment or deposit in any specified asset within the meaning of Explanation 1 to sub-section (1) of section 54E, the Income-tax Officer shall amend the order of assessment so as to exclude the amount of the capital gain not chargeable to tax under the provisions of section 54E, and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the date of the assessment.".

[Finance (No.

2) Act, 1977]

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Section 23, The Finance Act, 1977 (Act 11 of 1977).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 155 Other amendments

Referred to by 3

  1. s. 37 Amendment of Act 47 of 1974
  2. s. First Schedule First Schedule
  3. s. Fifth Schedule Fifth Schedule

Questions about Section 23

What does Section 23 of the Finance Act deal with?

Section 23 of the Finance Act is headed "Amendment of section 155". Amendment of section 155 23. In section 155 of the Income-tax Act, after sub-section (10), the following sub-section shall be inserted with effect from the 1st day of April, 1978, namely: — "(10A) Where in the assessment for any year, a capital gain arising from the transfer of a capital asset, not

How do I find court cases under Section 23 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 1977 23, section 23 Finance Act 1977, section 23 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 23 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 155 (Other amendments), so none of them can safely be read on its own. 3 other provisions in this corpus refer back to it.

When was Section 23 of the Finance Act enacted?

Section 23 of the Finance Act, cited as Finance Act 1977 23, was enacted on 06 Aug 1977 as Act 11 of 1977. It is in force as at the date shown on this page.

Other sections of this Act

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.