Amendment of section 44AC

Section 14 of the Finance Act, 1990 deals with amendment of section 44AC. Amendment of section 44AC 14. In section 44AC of the Income-tax Act, with effect from the 1st day of April, 1991,— (a) in sub-section (1), in clause (a), the following Explanation .

Amendment of section 44AC

14. In section 44AC of the Income-tax Act, with effect from the 1st day of April, 1991,—

(a) in sub-section (1), in clause (a), the following Explanation . shall be inserted at the end, namely: —

' Explanation .—For the purposes of this clause, "purchase price" means any amount (by whatever name called) paid or payable by the buyer to obtain the goods referred to in this clause, but shall not include the amount paid or payable by him towards the bid money in an auction, or, as the case may be, the highest accepted offer in case of tender or any other mode;';

(b) in the Explanation, after the word "firm", the words "or cooperative society" shall be inserted.

[Finance Act, 1990]

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Section 14, The Finance Act, 1990 (Act 12 of 1990).