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TypeBare Act JurisdictionCentral Government

Finance Act, 2002 Section 6

AMENDMENT OF SECTION 10-B -In Section 10-B of the Income Tax Act-, with effect from the 1st day of April, 2003,

~2 min read
https://sooperkanoon.com/act/250204

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About this section

Finance Act, 2002 Section 6 is part of Finance Act, 2002 - AMENDMENT OF SECTION 10-B -In Section 10-B of the Income Tax Act-, with effect from the 1st day of April, 2003,. Read the section text below and explore Indian court judgments that cite it.

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Section Text

a) in sub-section (1), after the second proviso, the following proviso shall be inserted, namely: - "Provided also that for the assessment year beginning on the 1st day of April, 2003, the deduction under this sub-section shall be ninety per cent of the profits and gains derived by an undertaking from the export of such articles or things or computer software:";

(b) after sub-section (9) and before

Explanation 1, the following shall be inserted, namely:- "(9-A) Notwithstanding anything contained in sub-section (9), where as a result of reorganisation of business, a firm or a sole proprietary concern is succeeded by a company and the ownership or beneficial interest in the undertaking of the firm or the sole proprietary concern is transferred to the company, the deduction under sub-section (1) in respect of such undertaking shall be allowed to the company, as the same would have been allowed to such firm or sole proprietary concern, as the case may be, if the reorganisation had not taken place :

Provided that,-

(a) in the case of a firm, the aggregate of the shareholding in the company of the partners of the firm is not less than fifty-one per cent of the total voting power in the company and their shareholding continues to be as such for the period for which the company is eligible for deduction under this section;

(b) in the case of a sole proprietary concern, the shareholding of the sole proprietor in the company is not less than fifty-one per cent of the total voting power in the company and his shareholding continues to remain as such for the period for which the company is eligible for deduction under this section.".

Frequently asked questions

What does Finance Act, 2002 Section 6 provide?

Section Section 6 of the Finance Act, 2002 (AMENDMENT OF SECTION 10-B -In Section 10-B of the Income Tax Act-, with effect from the 1st day of April, 2003,) is reproduced on this page as part of the Finance Act, 2002. 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 Act, 2002 Section 6?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2002 Section 6. 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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