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TypeBare Act JurisdictionCentral Government

Finance (No. 2) Act, 1996 Section 16

Amendment of Section 41

~1 min read
https://sooperkanoon.com/act/15093

Bare act section · Research

About this section

Finance (No. 2) Act, 1996 Section 16 is part of Finance (No. 2) Act, 1996 - Amendment of Section 41. Read the section text below and explore Indian court judgments that cite it.

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Section Text

In section 41 of the Income-tax Act, the Explanation occurring below sub-section (1) shall be renumbered as Explanation 2, and before Explanation 2 as so renumbered, the following Explanation shall be inserted with effect from the 1st day of April, 1997, namely :-

'Explanation 1 : For the purposes of this sub-section, the expression "loss or expenditure or some benefit in respect of any such trading liability by way of remission or cessation thereof" shall include the remission or cessation of any liability by a unilateral act by the first mentioned person under clause (a) of the successor in business under clause (b) of that sub-section by way of writing off such liability in his accounts.'.

Frequently asked questions

What does Finance (No. 2) Act, 1996 Section 16 provide?

Section Section 16 of the Finance (No. 2) Act, 1996 (Amendment of Section 41) is reproduced on this page as part of the Finance (No. 2) Act, 1996. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance (No. 2) Act, 1996 Section 16?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance (No. 2) Act, 1996 Section 16. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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