Amendment of section 43B

Section 12 of the Finance Act, 1988 deals with amendment of section 43B. Amendment of section 43B 12. In section 43B of the Income-tax Act [as amended by section 15 of the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988)], with effect from the 1st day of April, 1989,— (i) for clause (a), the following clause shall be substituted, namely: — "(a) any sum payable by the as

Amendment of section 43B

12. In section 43B of the Income-tax Act [as amended by section 15 of the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988)], with effect from the 1st day of April, 1989,—

(i) for clause (a), the following clause shall be substituted, namely: —

"(a) any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force, or";

(ii) in clause (c), the word "or" shall be inserted at the end;

(iii) after clause (c), the following clause shall be inserted, namely: —

" (d) any sum payable by the assessee as interest on any loan or borrowing from any public financial institution, in accordance with the terms and conditions of the agreement governing such loan or borrowing,";

(iv) in the first proviso, after the word, brackets and letter "clause (c)", the words, brackets and letter "or clause (d)" shall be inserted;

(v) in Explanation 2, after the word, brackets and letter "clause (c)", the words, brackets and letter "or clause (d)" shall be inserted;

(vi) after Explanation 2, the following Explanation shall be inserted, namely:—

'Explanation 3.—For the purposes of this section, the expression "public financial institution" shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956).'.

[Finance Act, 1988]

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Section 12, The Finance Act, 1988 (Act 26 of 1988).