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TypeBare Act JurisdictionCentral Government

Finance (No. 2) Act, 1998 Section 23

Insertion of New Section 50a

~1 min read
https://sooperkanoon.com/act/25783

Bare act section · Research

About this section

Finance (No. 2) Act, 1998 Section 23 is part of Finance (No. 2) Act, 1998 - Insertion of New Section 50a. Read the section text below and explore Indian court judgments that cite it.

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Section Text

After section 50 of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1998, namely:--

"50A. Special provision for cost of acquisition in case of depreciable asset.-- Where the capital asset is an asset in respect of which a deduction on account of depreciation under clause (i) of sub-section (1) of section 32 has been obtained by the assessee in any previous year, the provisions of sections 48 and 49 shall apply subject to the modification that the written down value, as defined in clause (6) of section 43, of the asset, as adjusted, shall be taken as the cost of acquisition of the asset."

Frequently asked questions

What does Finance (No. 2) Act, 1998 Section 23 provide?

Section Section 23 of the Finance (No. 2) Act, 1998 (Insertion of New Section 50a) is reproduced on this page as part of the Finance (No. 2) Act, 1998. 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, 1998 Section 23?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance (No. 2) Act, 1998 Section 23. 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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