India - Income Tax Act 2010 - Saarc

S. 104 I.T. ACT, 1961 1.540(c) such person sells or transfers all or any of the units referred to inclause (a) within a period of nine months after such date, whilecontinuing to hold all or any of the additional units referred to inclause (b),then, the loss, if any, arising to him on account of such purchase and sale of allor any of such units shall be ignored for the purposes of computing his incomechargeable to tax and notwithstanding anything contained in any other provisionof this Act, the amount of loss so ignored shall be deemed to be the cost ofpurchase or acquisition of such additional units referred to in clause (b) as areheld by him on the date of such sale or transfer.]Explanation.—For the purposes of this section,—(a) “interest” includes a dividend ;48[(aa) “record date” means such date as may be fixed by—(i) a company for the purposes of entitlement of the holder of thesecurities to receive dividend; or(ii) a Mutual Fund or the Administrator of the specified undertakingor the specified company as referred to in the Explanation toclause (35) of section 10, for the purposes of entitlement of theholder of the units to receive income, or additional unit withoutany consideration, as the case may be;](b) “securities” includes stocks and shares ;(c) securities shall be deemed to be similar if they entitle their holders tothe same rights against the same persons as to capital and interest andthe same remedies for the enforcement of those rights, notwithstandingany difference in the total nominal amounts of the respectivesecurities or in the form in which they are held or in the manner inwhich they can be transferred;49[(d) “unit” shall have the meaning assigned to it in clause (b) of theExplanation to section 115AB.]CHAPTER XIADDITIONAL INCOME-TAX ON UNDISTRIBUTED PROFITS[Chapter XI omitted by the Finance Act, 1987, w.e.f. 1-4-1988. While sections 95 to103 were omitted by the Finance Act, 1965, w.e.f. 1-4-1965, sections 104 to 109 wereomitted by the Finance Act, 1987, w.e.f. 1-4-1988.]Income-tax on undistributed income of certain companies.104. 50 [Omitted by the Finance Act, 1987, w.e.f. 1-4-1988.]48. Substituted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. Prior to its substitution, clause(aa), as inserted by the Finance Act, 2001, w.e.f. 1-4-2002, read as under :‘(aa) “record date” means such date as may be fixed by a company or a Mutual Fund orthe Unit Trust of India for the purposes of entitlement of the holder of the securitiesor the unit-holder, to receive dividend or income, as the case may be;’49. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.50. Omitted section 104 was earlier amended by the Finance Act, 1964, w.e.f. 1-4-1964, theFinance Act, 1965, w.e.f. 1-4-1965, the Finance Act, 1966, w.e.f. 1-4-1966, the Finance(No. 2) Act, 1967, w.e.f. 1-4-1968, the Finance Act, 1973, w.e.f. 1-4-1974, the Taxation Laws(Amendment) Act, 1975, w.e.f. 1-4-1976 and the Finance (No. 2) Act, 1977, w.e.f. 1-4-1978.