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Citedby 34 docs - [View All]
L.H. Sugar Factories Ltd. vs Asstt. Cit on 28 February, 2002
D.S. Canpack Ltd., Noida vs Assessee on 1 October, 2004
Uvifort Metalizers vs Dy. Cit on 7 December, 2000
Gulati Saree Centre vs Assistant Commissioner Of ... on 9 October, 1998
South Eastern Coalfields Ltd. vs Jt. Cit on 28 February, 2002

[Section 43(6)] [Section 43] [Complete Act]
Central Government Act
Section 43(6)(c) in The Income- Tax Act, 1995
(c) 3 in the case of any block of assets,-
2. Inserted by the Finance (No. 2) Act, 1965, w. r. e. f. 1- 4- 1962.
3. Inserted by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, w. e. f. 1- 4- 1988.
(i) in respect of any previous year relevant to the assessment year commencing on the 1st day of April, 1988 , the aggregate of the written down values of all the assets falling within that block of assets at the beginning of the previous year and adjusted,-
(A) by the increase by the actual cost of any asset falling within that block, acquired during the previous year; and
(B) by the reduction of the moneys payable in respect of any asset failing within that block, which is sold or discarded or demolished or destroyed during that previous year together with the amount of the scrap value, if any, so, however, that the amount of such reduction does not exceed the written down value as so increased; and
(ii) in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 1989 , the written down value of that block of assets in the immediately preceding previous year as reduced by the depreciation actually allowed in respect of that block of assets in relation to the said preceding previous year and as further adjusted by the increase or the reduction referred to in item (i).] Explanation 1-When in a case of succession in business or profession, an assessment is made on the successor under sub- section (2) of section 170 the written down value of 1 any asset or any block of assets] shall be the amount which would have been taken as its written down value if the assessment had been made directly on the person succeeded to. 2 Explanation 2.- Where in any previous year, any block of assets is transferred,-
(a) by a holding company to its subsidiary company or by a subsidiary company to its holding company and the conditions of clause (iv) or, as the case may be, of clause (v) of section 47 are satisfied; or
1. Substituted for" any asset" by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, w. e. f. 1- 4- 1988.
2. Substituted for Explanations 2 and 2A by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, w. e. f. 1- 4- 1988. Prior to the substitution, Explanation 2, as substituted by the Finance Act, 1965, w. e. f. 1- 4- 1965 and Explanation 2A, as inserted by the Finance (No. 2) Act, 1967, w. e. f. 1- 4- 1967, read as under:" Explanation 2.- When any capital asset is transferred by a holding company to its subsidiary company or by a subsidiary company to its holding company, then, if the conditions of clause (iv) or, as the case may be, of clause (v) of section 47 are satisfied, the written down value of the transferred capital asset to the transferee company shall be taken to be the same as it would have been if the transferor company had continued to hold the capital asset for the purposes of its business. Explanation 2A.- Where, in a scheme of amalgamation, any capital asset is transferred by the amalgamating company to the amalgamated company, and the amalgamated company is an Indian company, the written down value of the transferred capital asset to the amalgamated company shall be taken to be the same as it would have been if the amalgamating company had continued to hold the capital asset for the purposes of its business.'
(b) by the amalgamating company to the amalgamated company in a scheme of amalgamation, and the amalgamated company is an Indian company, then, notwithstanding anything contained in clause (1), the actual cost of the block of assets in the case of the transferee- company or the amalgamated company, as the case may be, shall be the written down value of the block of assets as in the case of the transferor- company or the amalgamating company for the immediately preceding previous year as reduced by the amount of depreciation actually allowed in relation to the said preceding previous year.) Explanation 3.- Any allowance in respect of any depreciation carried forward under sub- section (2) of section 32 shall be deemed to be depreciation" actually allowed". 1 Explanation 4.- For the purposes of this clause, the expressions" moneys payable" and" sold" shall have the same meanings as in the Explanation below sub- section (4) of section 41]