#deduction #medical #treatment #provisions The section states that: Where an assessee who is resident in India has, during the previous year, actually paid any amount for the medical treatment of such disease or ailment as may be specified in the rules made in this behalf by the Board— (a) for himself or a dependant, in case the assessee is an individual; or (b) for any member of a Hindu undivided family, in case the assessee is a Hindu undivided family, the assessee shall be

#provisions #carryforward #setoff #accumulatedloss #unabsorbed #depreciationallowance #business #reorganization #cooperativebanks The section states that: (1) The assessee, being a successor co-operative bank, shall, in a case where the amalgamation has taken place during the previous year, be allowed to set off the accumulated loss and the unabsorbed depreciation, if any, of the predecessor co-operative bank as if the amalgamation had not taken place, and all the other provi

#mode #computation #capitalgains #provisions The section states that: The income chargeable under the head "Capital gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :— (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) the cost of acquisition of the asset and the cost of any improvement thereto; [(iii) in case

#Section43A #IncomeTax #Provisions #Exchange Regardless of any other provisions of this Act, if an assessee purchases an asset in a previous year from a nation outside of India for the purposes of his business or profession, and as a result of a change in the exchange rate in the prior year following the purchase of the asset, the assessee's liability as expressed in Indian currency (as compared to the liability existing at the time) increases or decreases. (a) The full or a

#transactions #transfer #provisions #explanation The section states that: Nothing contained in section 45 shall apply to the following transfers :— (i) any distribution of capital assets on the total or partial partition of a Hindu undivided family; (ii) [***] (iii) any transfer of a capital asset under a gift or will or an irrevocable trust: Provided that this clause shall not apply to transfer under a gift or an irrevocable trust of a capital asset being shares, debenture

#provisions #expenditure #scientificresearch #capital The section states that: (1) In respect of expenditure on scientific research, the following deductions shall be allowed— (i) any expenditure (not being in the nature of capital expenditure) laid out or expended on scientific research related to the business. Explanation.—Where any such expenditure has been laid out or expended before the commencement of the business (not being expenditure laid out or expended before the

#power #relief #provisions The section states that: (1) If in any proceeding for negligence, default, breach of duty, misfeasance or breach of trust against an officer of a company, it appears to the court hearing the case that he is or may be liable in respect of the negligence, default, breach of duty, misfeasance or breach of trust, but that he has acted honestly and reasonably, and that having regard to all the circumstances of the case, including those connected with his