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TypeBare Act JurisdictionCentral Government

Finance Act, 1981 Section 8

Amendment of Section 42

~1 min read
https://sooperkanoon.com/act/45088

Bare act section · Research

About this section

Finance Act, 1981 Section 8 is part of Finance Act, 1981 - Amendment of Section 42. Read the section text below and explore Indian court judgments that cite it.

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Section Text

In section 42 of the Income-tax Act, -

(a) in the opening portion, for the words "the association or participation in such business of the Central Government", the words "the association or participation of the Central Government or any person authorised by it in such business" shall be substituted;

(b) in clause (b), -

(i) the word "and" occurring at the end shall be omitted;

(ii) the following proviso shall be inserted, namely :-

'Provided that in relation to any agreement entered into after the 31st day of March, 1981, this clause shall have effect subject to the modification that the words and figures "except assets on which allowance for depreciation is admissible under section 32" had been omitted; and';

(c) the following Explanation shall be inserted at the end, namely :-

'Explanation : For the purposes of this section, "mineral oil" includes petroleum and natural gas.'.

Frequently asked questions

What does Finance Act, 1981 Section 8 provide?

Section Section 8 of the Finance Act, 1981 (Amendment of Section 42) is reproduced on this page as part of the Finance Act, 1981. 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, 1981 Section 8?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 1981 Section 8. 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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