Consequential amendments


Consequential amendments

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Consequential amendment in section 2(24)& section 51

 

 Consequential amendment in section 2(24) relating to definition of income

 

 

A consequential amendment in section 2(24) has been made by inserting clause (xvii) to include such sum referred to in section 56(2)(ix) in the definition of the term 'income'.

 

Consequential amendment in section 51 to avoid double taxation

 

Section 51 has also been amended to provide that where any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset, has been included in the total income of the assessee for any previous year, in accordance with the provisions of section 56(2)(ix), such amount shall not be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisition.back

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