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THE FINANCE ACT, 2010
No. 14 of 2010
[8th May, 2010]
An Act to give effect to the financial proposals of the Central Government for the financial year 2010-2011.
BE it enacted by Parliament in the Sixty-first 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, 2010.
(2) Save as otherwise provided in this Act, sections 2 to 56 shall be deemed to have come into force on the 1st day of April, 2010.
CHAPTER II
RATES OF INCOME-TAX
Income-tax:-
2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2010, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for purposes of the Union, calculated in each case in the manner provided therein.
(2) In the case to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds one lakh sixty thousand rupees, then,-
(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first one lakh sixty thousand rupees of the total income but without being liable to tax], only for the purpose of charging income-tax in respect of the total income; and
(b) the income-tax chargeable shall be calculated as follows:-
(i) the total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income;
(ii) the net agricultural income shall be increased by a sum of one lakh sixty thousand rupees, and the amount of income-tax shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income as so increased were the total income;
(iii) the amount of income-tax determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax in respect of the total income:
Provided that in the case of every woman, resident in India and below the age of sixty-five years at any time during the previous year, referred to in item (II) of Paragraph A of Part I of the First Schedule, the previsions of this sub-section shall have effect as if for the words “one lakh sixty thousand rupees”, the words “one lakh ninety thousand rupees” had been substituted:
Provided further that in the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, referred to in item (III) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall have effect as if for the words “one lakh sixty thousand rupees”, the words “two lakh forty thousand rupees” had been substituted.
(3) In case to which the provisions of Chapter XII or Chapter XII-A or Chapter XII-H or section 115JB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rats imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be:
Provided that the amount of income-tax computed in accordance with the provisions of section 111A or section 112 shall be increased by a surcharge, for purposes of the Union as provided in Paragraph A, B, C, D or E as the case may be of Part I of the First Schedule:
Provided further that in respect of any income chargeable to tax under sections 115A, 115B, 115C, 115CA, 115AD, 115B, 115BB, 115BBA, 115BBC, 115E and 115JB of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for purposes of the Union, calculated,-
(a) in the case of a domestic company, at the rate of ten per cent. of such income-tax where the total income exceeds one crore rupees;
(b) in the case of every company, other than a domestic company, at the rate of two and one-half per cent. of such income-tax where the total income exceeds one crore rupees:
Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as income-tax and surcharge on such income-tax shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
(4) In the cases in which tax has to be charged and paid under section 115-O or sub-section (2) of section 115R of the Income-tax Act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for purposes of the Union, calculated at the rate of seven and one-half per cent. of such tax.
(5) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, at the rates in force, the deductions shall be made at the rates specified in Part II of the First Schedule and shall be increased by surcharge, for purposes of the Union, calculated in cases wherever prescribed, in the manner provided therein.
(6) In cases in which tax has to be deducted under sections 194C, 194E, 194EE, 194F, 194G, 194H, 1194-I, 194J, 194LA, 196B, 196C and 196D of the Income-tax Act, the deductions shall be made at the rates specified in those sections and shall be increased by a surcharge, for purposes of the Union, in the case of every company, other than a domestic company, calculated at the rate of two and one-half per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees.
(7) In cases in which tax has to be collected under the proviso to section 194B of the Income-tax Act, the collection shall be made at the rates specified in Part II of the First Schedule, and shall be increased by a surcharge, for purposes of the Union, calculated, in cases wherever prescribed, in the manner provided therein.
(8) In cases in which tax has to be collected under section 206C of the Income-tax Act, the collection shall be made at the rates specified in that section and shall be increased by a surcharge, for purposes of the Union, in the case of every company, other than a domestic company, calculated at the rate of two and one-half per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees.
(9) Subject to the provisions of sub-section (10), in cases in which income-tax has to be charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the Income-tax or deducted from, or paid on, income chargeable under the head “Salaries” under section 192 of the said Act or in which the “advance tax” payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, “advance tax” shall be so charged, deducted or computed at the rate or rates specified in Part III of the First Schedule and such tax shall be increased by a surcharge, for purposes of the Union, calculated in such cases and in such manner as provided therein:
Provided that in cases to which the provisions of Chapter XII or Chapter XII-A or section 115JB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act apply, “advance tax” shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that Chapter or section, as the case may be:
Provided further that the amount of “advance tax” computed in accordance with the provisions of section 111A or section 112 of the Income-tax Act shall be increased by a surcharge, for purposes of the Union, as provided in Paragraph E of Part III of the First Schedule pertaining to the case of a company:
Provided also that in respect of any income chargeable to tax under sections 115A, 115AB, 115AC, 115CA, 115AD, 115B, 115BB, 115BBA, 115BBC, 115E and 115JB of the Income-tax Act, “advance tax” computed under the first proviso shall be increased by surcharge, for purposes of the Union, calculated,-
(a) in the case of every domestic company, at the rate of seven and one-half per cent. of such “advance tax” where the total income exceeds one crore rupees;
(b) in the case of every company, other than a domestic company, at the rate of two and one-half per cent. of such “advance tax” where the total income exceeds one crore rupees:
Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as “advance tax” on such income and surcharge thereon, shall not exceed the total amount payable as “advance tax” on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
(10) In cases to which Paragraph A of Part III of the First Schedule applies, where the assessee has, in the previous year or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any net agricultural income exceeding five thousand rupees, in addition to total income and the total income exceeds one lakh sixty thousand rupees, then in charging income-tax under sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the said Act or in computing the “advance tax” payable under Chapter XVII-C of the said Act, at the rate or rates in force,-
(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first one lakh sixty thousand rupees of the total income but without being liable to tax], only for the purpose of charging or computing such income-tax or, as the case may be, “advance tax” in respect of the total income; and
(b) such income-tax or, as the case may be, “advance tax” shall be so charged or computed as follows:-
(i) the total income and the net agricultural income shall be aggregated and the amount of income-tax or “advance tax” shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income;
(ii) the net agricultural income shall be increased by a sum of one lakh sixty thousand rupees, and the amount of income-tax or “advance tax” shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income as so increased were the total income;
(iii) the amount of income-tax or “advance tax” determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax or, as the case may be, “advance tax” determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax or, as the case may be, “advance tax” in respect of the total income:
Provided that in the case of every woman, resident in India and below the age of sixty-five years at any time during the previous year, referred to in item (II) of Paragraph A of Part III of the First Schedule, the previsions of this sub-section shall have effect as if for the words “one lakh sixty thousand rupees”, the words “one lakh ninety thousand rupees” had been substituted:
Provided further that in the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, referred to in item (III) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words “one lakh sixty thousand rupees”, the words “two lakh forty thousand rupees” had been substituted.
(11) The amount of income-tax as specified in sub-sections (1) to (10) and as increased by the applicable surcharge, for purposes of the Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for purposes of the Union, to be called the “Education Cess on income-tax”, calculated at the rate of two per cent. of such income-tax and surcharge so as to fulfill the commitment of the Government to provided and finance universalized quality basic education:
Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under the sections of the Income-tax Act mentioned in sub-sections (5), (6) (7) and (8), if the income subjected to deduction of tax at source or collection of tax at source is paid to a domestic company and any other person who is resident in India.
(12) The amount of income-tax as specified in sub-sections (1) to (10) and as increased by the applicable surcharge, for purposes of the Union, calculated in the manner provided therein, shall also be increased by an additional surcharge, for purposes of the Union, to be called the “Secondary and Higher Education Cess on income-tax”, calculated at the rate of one per cent. of such income-tax surcharge so as to fulfill the commitment of the Government to provide and finance secondary and higher education:
Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under the sections of the Income-tax Act mentioned in sub-sections (5), (6), (7) and (8), if the income subjected to deduction of tax at source or collection of tax at source is paid to a domestic company and any other person who is resident in India.
(13) For the purposes of this section and the First Schedule,-
(a) “domestic company” means an Indian company or any other company which, in respect of its income liable to income-tax under the Income-tax Act, for the assessment year commencing on the 1st day of April, 2010, has made the prescribed arrangements for the declaration and payment within India of the dividends (including dividends on preference shares) payable out of such income;
(b) “insurance commission” means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance);
(c) “net agricultural income”, in relation to a person, means the total amount of agricultural income, from whatever source derived, of that person computed in accordance with the rules contained in Part IV of the First Schedule;
(d) all other words and expressions used in this section and the First Schedule but not defined in this sub-section and defined in the Income-tax Act shall have the meanings, respectively, assigned to them in that Act.
CHAPTER III
DIRECT TAXES
Income-tax
Amendment of section 2:-
3. In section 2 of the Income-tax Act,-
(a) in clause (15), after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2009 namely:-
“Provided further that the first proviso shall not apply if the aggregate value of the receipts from the activities referred to therein is ten lakh rupees or less in the previous year,”;
(b) in clause (24), in sub-clause (xv), after the words, brackets and figures “value of property referred to in clause (vii)”, the words, brackets, figures and letter “or clause (viia)” shall be inserted with effect from the 1st day of June, 2010.
Amendment of section 9:-
4. In section 9 of the Income-tax Act, for the Explanation occurring after sub-section (2), the following Explanation shall be substituted and shall be deemed to have been substituted with effect from the 1st day of June, 1976, namely:-
“Explanation:-For the removal of doubts, it is hereby declared that for the purposes of this section, income of a non-resident shall be deemed to accrue or arise in India under clause (v) or clause (vi) or clause (vii) of sub-section (I) and shall be included in the total income of the non-resident, whether or not,-
(i) the non-resident has a residence or place of business or business connection in India; or
(ii) the non-resident has rendered services in India”.
Amendment of section 10:-
5. In section 10 of the Income-tax Act, in clause (21), with effect from the 1st day of April, 2011,-
(a) for the words “scientific research association”, wherever they occur, the words “research association” shall be substituted;
(b) in the opening portion, after the word, brackets and figures “clause (ii)”, the words, brackets and figures “r clause (iii)” shall be inserted;
(c) in the first proviso, in clause (a),-
(A) in sub-clause (i),-
(I) in item (2), for the words “scientific research”, the words “scientific research or research in social science or statistical research” shall be substituted;
(II) in item (3), after the word, brackets and figures “clause (ii)”, the words, brackets and figures “or clause (iii)” shall be inserted;
(B) in sub-clause (ii), for the words “scientific research” the words “scientific research or research in social science or statistical research” shall be substituted.
Amendment of section 10AA:-
6. In section 10AA of the Income-tax Act, in sub-section (7), the following proviso shall be inserted, namely:-
“Provided that the provisions of this sub-section [as amended by section 6 of the Finance (No.2) Act, 2009] shall have effect for the assessment year beginning on the 1st day of April, 2006 and subsequent assessment years.”
Amendment of section 12AA:-
7. In section 12AA of the Income-tax Act, in sub-section (3), after the word, brackets and figure “sub-section (1)”, the words, figures, letter and brackets “or has obtained registration at any time under section 12A [as it stood before its amendment by the Finance (No.2) Act, 1996]” shall be inserted with effect from the 1st day of June, 2010.
Amendment of section 32:-
8. In section 32 of the Income-tax Act, in sub-section (1), in the fifth proviso, for the words, brackets and figures “clause (xiii) and clause (xiv)”, the words, brackets, figures and letter “clause (xiii), clause (xiiib) and clause (xiv)” shall be substituted with effect from the 1st day of April, 2011.
Amendment of section 35:-
9. In section 35 of the Income-tax Act, with effect from the 1st day of April, 2011,-
(i) in sub-section (1),-
(a) for the words “scientific research association”, wherever they occur, the words “research association” shall be substituted;
(b) in clause (ii), for the words “one and one-fourth”, the words “one and three-fourth” shall be substituted;
(c) in clause (iii),-
(A) for the words “any sum paid to a university”, the words “any sum paid to a research association which has as its object the undertaking of research in social science or statistical research or to a university” shall be substituted;
(B) in the proviso, for the words “such university”, at both the places where they occur, the words “such association, university” shall be substituted;
(ii) in sub-section (2AA), in clause (a), for the words “one and one-fourth”, the words “one and three-fourth” shall be substituted;
(iii) in sub-section (2AB), in clause (1), for the words “one and one-half”, the word “two” shall be substituted.
Amendment of section 35AD:-
10. In section 35AD of the Income-tax Act,-
(a) in sub-section (2), in clause (iii), in sub-clause (c), for the words “one-third of its total pipeline capacity”, the words, brackets and figures “such proportion of its total pipeline capacity as specified by regulations made by the Petroleum and Natural Gas Regulatory Board established under sub-section (1) of section 3 of the Petroleum and Natural Gas Regulatory Board Act, 2006” shall be substituted;
(b) for sub-section (3), the following sub-section shall be substituted with effect from the 1st day of April, 2011, namely:-
‘(3) Where a deduction under this section is claimed and allowed in respect of the specified business for any assessment year, no deduction shall be allowed under the provisions of Chapter VI-A under the heading “C-Deductions in respect of certain incomes” in relation to such specified business for the same or any other assessment year.’;
(c) in sub-section (5), with effect from the 1st day of April, 2011,-
(i) in clause (a), the word “and”, occurring at the end, shall be omitted;
(ii) after clause (a), the following clauses shall be inserted, namely:-
“(aa) on or after the 1st day of April, 2010, where the specified business is in the nature of building and operating a new hotel of two-star or above category as classified by the Central Government;
(ab) on or after the 1st day of April, 2010, where the specified business is in the nature of building and operating a new hospital with at least one hundred beds for patients;
(ac) on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and which is notified by the Board in this behalf in accordance with the guidelines as may be prescribed; and”;
(iii) in clause (b), for the word, brackets and letter “clause (a)”, the words, brackets and letters “clause (a), clause (aa), clause (ab) and clause (ac)” shall be substituted;
(d) in sub-section (8), in clause (c), after sub-clause (iii), the following sub-clauses shall be inserted with effect from the 1st day of April, 2011, namely:-
“(iv) building and operating, anywhere in India, a new hotel of two-star or above category as classified by the Central Government;
(v) building and operating, anywhere in India, a new hospital with at least one hundred beds for patients;
(vi) developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guildines as may be prescribed;”
Amendment of section 35DDA:-
11. In section 35DDA of the Income-tax Act, with effect from the 1st day of April, 2011,-
(a) after sub-section (4), the following sub-section shall be inserted, namely:-
“(4A) Where there has been reorganization of business, whereby a private company or unlisted pubic company is succeeded by a limited liability partnership fulfilling the conditions laid down in the proviso to clause (xiiib) of section 47, the provisions of this section shall, as far as may be, apply to the successor limited liability partnership, as they would have applied to the said company, if reorganization of business had not taken place.”;
(b) in sub-section (5), for the words, brackets and figures “sub-section (3) and in the case of a firm or proprietary concern referred to in sub-section (4)”, the words, brackets, figures and letter “sub-section (3), in the case of a firm or proprietary concern referred to in sub-section (4) and in the case of a company referred to in sub-section (4A)” shall be substituted.
Amendment of section 40:-
12. In section 40 of the Income-tax Act, in clause (a), in sub-clause (ia),-
(a) for the portion beginning with the words “has not been paid,-“ and ending with the words “the last day of the previous year”, the words, brackets and figures “has not been paid on or before the due date specified in sub-section (1) of section 139” shall be substituted;
(b) for the proviso, the following proviso shall be substituted, namely:-
“Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid”.
Amendment of section 43:-
13. In section 43 of the Income-tax Act, with effect from the 1st day of April, 2011,-
(a) in clause (1), in Explanation 13, in clause (b), in sub-clause (iii), for the brackets, figures and word “(xiii) and (xiv)”, the brackets, figures, letter and word “(xiii), (xiiib) and (xiv)” shall be substituted;
(b) in clause (6), after Explanation 2B, the following Explanation shall be inserted, namely:-
“Explanation 2C:- Where in any previous year, any block of assets is transferred by a private company or unlisted public company to a limited liability partnership and the conditions specified in the proviso to clause (xiiib) of section 47 are satisfied, then, notwithstanding anything contained in clause (1), the actual cost of the block of assets in the case of the limited liability partnership shall be the written down value of the block of assets as in the case of the said company on the date of conversion of the company into the limited liability partnership.”
Amendment of section 44AB:-
14. In section 44AB of the Income-tax Act, with effect from the 1st day of April, 2011,-
(a) in clause (a), for the words “forty lakh rupees” the words “sixty lakh rupees” shall be substituted;
(b) in clause (b), for the words “ten lakh rupees”, the words “fifteen lakh rupees” shall be substituted.
Amendment of section 44AD:-
15. In section 44AD of the Income-tax Act [as amended by section 20 of the Finance (No.2) of Act, 2009], in the Explanation, in clause (b), in sub-clause (ii), for the words “forty lakh rupees”, the words “sixty lakh rupees” shall be substituted with effect from the 1st day of April, 2011.
Amendment of section 44BB:-
16. In section 44BB of the Income-tax Act, in the proviso to sub-section (1), after the words, figures and letter “section 44D or” the words, figures and letters “section 44DA or” shall be inserted with effect from the 1st day of April, 2011.
Amendment of section 44DA:-
17. In section 44Da of the Income-tax Act, in sub-section (1), after the proviso, the following proviso shall be inserted with effect from the 1st day of April, 2011, namely:-
“Provided further that the provisions of section 44BB shall not apply in respect of the income referred to in this section.”.
Amendment of section 47:-
18. In section 47 of the Income-tax Act, after clause (xiiia), the following shall be inserted with effect from the 1st day of April, 2011, namely:-
‘(xiiib) any transfer of a capital asset or intangible asset by a private company or unlisted public company (hereafter in this clause referred to as the company) to a limited liability partnership or any transfer of a share of shares held in the company by a shareholder as a result of conversion of the company into a limited liability partnership in accordance with the provisions of section 56 or section 57 of the Limited Liability Partnership At, 2008;
Provided that-
(a) all the assets and liabilities of the company immediately before the conversion become the assets and liabilities of the limited liability partnership;
(b) all the shareholders of the company immediately before the conversion become the partners of the limited liability partnership and their capital contribution and profit sharing ratio in the limited liability partnership are in the same proportion as their shareholding in the company on the date of conversion;
(c) the shareholders of the company do not receive any consideration or benefit, directly or indirectly, in any form or manner, other than by way of share in profit and capital contribution in the limited liability partnership;
(d) the aggregate of the profit sharing ratio of the shareholders of the company in the limited liability partnership shall not be less than fifty per cent. at any time during the period of five years from the date of conversion:
(e) the total sales, turnover or gross receipts in the business of the company in any of the three previous years preceding the previous year in which the conversion takes place does not exceed sixty lakh rupees; and
(f) no amount is paid, either directly or indirectly, to any partner out of balance of accumulated profit standing in the accounts of the company on the date of conversion for a period of three years from the date of conversion.
Explanation:-For the purposes of this clause, the expressions “private company” and “unlisted public company” shall have the meanings respectively assigned to them in the Limited Liability Partnership Act, 2008;’.
Amendment of section 47A:-
19. In section 47A of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 2011, namely:-
“(4) Where any of the conditions laid down in the proviso to clause (xiiib) of section 47 are not complied with, the amount of profits or gains arising from the transfer of such capital asset or intangible assets or share or shares not charged under section 45 by virtue of conditions laid down in the said proviso shall be deemed to be the profits and gains chargeable to tax of the successor limited liability partnership or the shareholder of the predecessor company, as the case may be, for the previous year in which the requirements of the said proviso are not complied with.”
Amendment of section 49:-
20. In section 49 of the Income-tax Act,-
(a) in sub-section (1), in clause (iii), in sub-clause (e), for the words, brackets, figures and letters “clause (vicb) of section 47”, the words, brackets, figures and letters “clause (vicb) or clause (xiiib) of section 47” shall be substituted with effect from the 1st day of April, 2011;
(b) after sub-section (2AA), the following sub-section shall be inserted with effect from the 1st day of April, 2011, namely:-
“(2AAA) Where the capital asset, being rights of a partner referred to in section 42 of the Limited Liability Partnership Act, 2008, became the property of the assessee on conversion as referred to in clause (xiiib) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share or shares in the company immediately before its conversion.”;
(c) in sub-section (4), after the word, brackets and figures “clause (vii)” at both the places where they occur, the words, brackets, figures and letter” or clause (viiia)” shall be inserted with effect from the 1st day of June, 2010.
Amendment of section 56:-
21. In section 56 of the Income-tax Act, in sub-section (2),-
(a) in clause (vii),-
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