India - Income Tax Act 2010 - Saarc

S. 43 I.T. ACT, 1961 1.276clause (1), the written down value of the block of assets in the case ofthe resulting company shall be the 5 [written down value of thetransferred assets 6 [***] of the demerged company immediatelybefore the demerger.The following Explanation 2C shall be inserted after Explanation2B of clause (6) of section 43 by the Finance Act, 2010, w.e.f.1-4-2011 :Explanation 2C.—Where in any previous year, any block of assets istransferred by a private company or unlisted public company to alimited liability partnership and the conditions specified in the provisoto clause (xiiib) of section 47 are satisfied, then, notwithstandinganything contained in clause (1), the actual cost of the block of assetsin the case of the limited liability partnership shall be the written downvalue of the block of assets as in the case of the said company on thedate of conversion of the company into the limited liability partnership.7[***]]Explanation 3.—Any allowance in respect of any depreciation carriedforward under sub-section (2) of section 32 shall be deemed to bedepreciation “actually allowed”.8[Explanation 4.—For the purposes of this clause, the expressions“moneys payable” and “sold” shall have the same meanings as in theExplanation below sub-section (4) of section 41.]9[Explanation 5.—Where in a previous year, any asset forming part ofa block of assets is transferred by a recognised stock exchange inIndia to a company under a scheme for corporatisation approved bythe Securities and Exchange Board of India established under section3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992),the written down value of the block of assets in the case of suchcompany shall be the written down value of the transferred assetsimmediately before such transfer.]10[Explanation 6.—Where an assessee was not required to computehis total income for the purposes of this Act for any previous year oryears preceding the previous year relevant to the assessment yearunder consideration,—(a) the actual cost of an asset shall be adjusted by the amountattributable to the revaluation of such asset, if any, in the booksof account;5. Substituted for “value of the assets as appearing in the books of account” by the FinanceAct, 2000, w.e.f. 1-4-2000.6. Words “as appearing in the books of account” omitted by the Finance Act, 2003, w.e.f.1-4-2004.7. Omitted by the Finance Act, 2000, w.e.f. 1-4-2000. Prior to its omission, proviso wasinserted by the Finance Act, 1999, w.e.f. 1-4-2000.8. Inserted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f.1-4-1988.9. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.10. Inserted by the Finance Act, 2008, w.r.e.f. 1-4-2003.