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The Finance Act, 1995

Short title and commencement

In force Act 22 of 1995 As on 16 Oct 2026

Act 22 of 1995 Ministry Finance

Section 1 of the Finance Act, 1995 deals with short title and commencement. THE FINANCE ACT, 1995 No. 22 of [26th May, 1995.] An Act to give effect to the financial proposals of the Central Government for the financial year 1995-96.

THE FINANCE ACT, 1995

No. 22 of 1995

[26th May, 1995.]

An Act to give effect to the financial proposals of the Central Government for the financial year 1995-96.

Be it enacted by Parliament in the Forty-sixth Year of the Republic of India as follows:—

CHAPTER I

PRELIMINARY

Short title and commencement.

1. (1) This Act may be called the Finance Act, 1995.

(2) Save as otherwise provided in this Act, sections 2 to 49 shall be deemed to have come into force on the 1st day of April, 1995.

[Finance Act, 1995]

© Copyright. Taxmann Publications Pvt. Ltd.

Section 1, The Finance Act, 1995 (Act 22 of 1995).

Cross-references

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

This section refers to

  1. s. 2 Income-tax
  2. s. 49 Amendment of section 293A

Related judgements & precedents

These are some judgments that construed this section, and hold precedence value. They hold authority on how to read, interpret and use this section.

  1. Nectar Beverages Pvt. LTD vs Deputy Commnr. of Income Tax

    Supreme Court of India 06 Jul 2009 Binding (SC) Reportable

    Court's Decision & Legal Precedent

    Depreciation is neither a loss, nor an expenditure, nor a trading liability within the meaning of Section 41(1) of the Income Tax Act 1961. Therefore, the concept of balancing charge under the deleted Section 41(2) cannot be read into or inferred from Section 41(1). Each sub-section of Section 41 operates in distinct spheres addressing different circumstances, and the deletion of Section 41(2) from assessment year 1988-89 to 1998-99 meant that balancing charge from sale of fully depreciated assets purchased before 1.4.1995 (which did not form part of block of assets) was not taxable during this period. The sale proceeds of such assets cannot be characterized as business income under Section 41(1).

    On this section: This act deleted the proviso to Section 32(1)(ii), bringing all assets including bottles, crates and cylinders costing less than Rs. 5,000 within the block of assets definition. This amendment resolved the ambiguity for assessment years 1996-97 onwards.

    Read the full order on eCourts India

The holding above is the ratio decidendi as extracted from the judgment by eCourts India, reproduced unaltered — it is a rendering of the court's reasoning, not a substitute for its words. Read the order itself before relying on it.

Questions about Section 1

What have the courts held on Section 1 of the Finance Act?

Nectar Beverages Pvt. LTD vs Deputy Commnr. of Income Tax (06 Jul 2009) is the leading judgment on this section among those set out below: This act deleted the proviso to Section 32(1)(ii), bringing all assets including bottles, crates and cylinders costing less than Rs. 5,000 within the block of assets definition. This amendment resolved the ambiguity for assessment years 1996-97 onwards.

How do I find court cases under Section 1 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 1995 1, section 1 Finance Act 1995, section 1 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 1 reported judgment on this section is set out on this page, beginning with Nectar Beverages Pvt. LTD vs Deputy Commnr. of Income Tax (06 Jul 2009).

What should I read with Section 1 of the Finance Act, and has it changed?

Its own text turns on section 2 (Income-tax), section 49 (Amendment of section 293A), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 1995 as Act 22 of 1995. India Code records no commencement date for it. 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.