India - Income Tax Act 2010 - Saarc

S. 43C I.T. ACT, 1961 1.282be allowed if such interest has been actually paid and any interest referred to inthat clause which has been converted into a loan or borrowing shall not bedeemed to have been actually paid.]39[Explanation 3D.—For the removal of doubts, it is hereby declared that adeduction of any sum, being interest payable under clause (e) of this section, shallbe allowed if such interest has been actually paid and any interest referred to inthat clause which has been converted into a loan or advance shall not be deemedto have been actually paid.]40[Explanation 4.—For the purposes of this section,—(a) “public financial institutions” shall have the meaning assigned to it insection 4A 41 of the Companies Act, 1956 (1 of 1956);42[(aa) “scheduled bank” shall have the meaning assigned to it in the Explanationto clause (iii) of sub-section (5) of section 11;](b) “State financial corporation” means a financial corporation establishedunder section 3 or section 3A or an institution notified undersection 46 of the State Financial Corporations Act, 1951 (63 of 1951);(c) “State industrial investment corporation” means a Governmentcompany 43 within the meaning of section 617 of the Companies Act,1956 (1 of 1956), engaged in the business of providing long-termfinance for industrial projects and 44 [eligible for deduction underclause (viii) of sub-section (1) of section 36].]45[Special provision for computation of cost of acquisition of certain assets.43C. (1) Where an asset [not being an asset referred to in sub-section (2) ofsection 45] which becomes the property of an amalgamated companyunder a scheme of amalgamation, is sold after the 29th day of February, 1988,by the amalgamated company as stock-in-trade of the business carried on by it,the cost of acquisition of the said asset to the amalgamated company incomputing the profits and gains from the sale of such asset shall be the cost ofacquisition of the said asset to the amalgamating company, as increased by thecost, if any, of any improvement made thereto, and the expenditure, if any,incurred, wholly and exclusively in connection with such transfer by theamalgamating company.39. Inserted by the Finance Act, 2006, w.r.e.f. 1-4-1997.40. Substituted by the Finance Act, 1990, w.e.f. 1-4-1991. Prior to substitution, Explanation 4was inserted by the Finance Act, 1988, w.e.f. 1-4-1989 and amended by the Finance Act,1989, w.r.e.f. 1-4-1984.41. For text of section 4A of the Companies Act, 1956, and notified institutions thereunder, seeAppendix.42. Substituted by the Finance Act, 1999, w.e.f. 1-4-2000. Prior to its substitution, clause (aa),as inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997, read as under :‘(aa) “scheduled bank” shall have the meaning assigned to it in clause (ii) of theExplanation to clause (viia) of sub-section (1) of section 36;’43. For definition of “Government company”, see footnote 71 on p. 1.23 ante.44. Substituted for “approved by the Central Government under clause (viii) of sub-section(1) of section 36” by the Finance Act, 2000, w.e.f. 1-4-2000.45. Inserted by the Finance Act, 1988, w.e.f. 1-4-1988.