Amendment of section 41

Section 11 of the Finance Act, 1980 deals with amendment of section 41. Amendment of section 41 11. In section 41 of the Income-tax Act, with effect from the 1st day of April, 1981,— (a) in sub-section (2), after the proviso, the following proviso shall be inserted, namely: — 'Provided further that where an asset representing expenditure of a capital nature on scientifi

Amendment of section 41

11. In section 41 of the Income-tax Act, with effect from the 1st day of April, 1981,—

(a) in sub-section (2), after the proviso, the following proviso shall be inserted, namely: —

'Provided further that where an asset representing expenditure of a capital nature on scientific research. within the meaning of clause (c) of sub-section (2B) of section 35_; read with clause (4) of section 43 owned by the assessee which was or has been used for the purposes of business after it ceased to be used for the purpose of scientific research related to the business is sold, discarded, demolished or destroyed, the provisions of this subsection shall apply as if for the words "actual cost", at the first place where they occur, the words "actual cost as increased by twenty-five per cent thereof" had been substituted.'; .

(b) in sub-section (3),—

(i) for the words, brackets and figures "clause (iv) of subsection (1) of section 35", the words, brackets, figures and letters "clause (iv) of sub-section (1), or clause (c) of subsection (2B), of section 35" shall be substituted;

(ii) for the words, brackets, figures and letter "clause (ia) of sub-section (2) of section 35", the words, brackets, figures , and letters, "clause (ia) of sub-section (2), or clause (c) of sub-section (2B), of section 35" shall be substituted.

[Finance (No.

2) Act, 1980]

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Section 11, The Finance Act, 1980 (Act 44 of 1980).