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TypeBare Act JurisdictionCentral Government

Finance Act, 1997 Section 9

AMENDMENT OF SECTION 41 -InSection 41 of the Income Tax Act-, with effect from the 1st day of April, 1998

~1 min read
https://sooperkanoon.com/act/455118

Bare act section · Research

About this section

Finance Act, 1997 Section 9 is part of Finance Act, 1997 - AMENDMENT OF SECTION 41 -InSection 41 of the Income Tax Act-, with effect from the 1st day of April, 1998. Read the section text below and explore Indian court judgments that cite it.

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Section Text

a) after sub-section (4), the following sub-section shall be inserted, namely :- "(4-A) Where a deduction has been allowed in respect of any special reserve created and maintained under clause (viii) of sub-section (1) ofSection 36-, any amount subsequently withdrawn from such special reserve shall be deemed to be the profits and gains of business or profession and accordingly be chargeable to income tax as the income of the previous year in which such amount is withdrawn.

Explanation.-Where any amount is withdrawn from the special reserve in a previous year in which the business is no longer in existence, the provisions of this sub-section shall apply as if the business is in existence in that previous year.";

(b) in sub-section (5), for the words, brackets and figure "or sub-section (4)", the words, brackets, figures and letter ", sub-section (4) or sub-section (4-A)" shall be substituted.

Frequently asked questions

What does Finance Act, 1997 Section 9 provide?

Section Section 9 of the Finance Act, 1997 (AMENDMENT OF SECTION 41 -InSection 41 of the Income Tax Act-, with effect from the 1st day of April, 1998) is reproduced on this page as part of the Finance Act, 1997. 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, 1997 Section 9?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 1997 Section 9. 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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