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TypeBare Act JurisdictionCentral Government

Finance Act, 2008 Section 112

Ring fence trade: no deduction for expenses of investment management

~1 min read
https://sooperkanoon.com/act/455917

Bare act section · Research

About this section

Finance Act, 2008 Section 112 is part of Finance Act, 2008 - Ring fence trade: no deduction for expenses of investment management. Read the section text below and explore Indian court judgments that cite it.

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Section Text

1) In section 492 of ICTA (treatment of oil extraction activities etc for tax purposes), after subsection (3) insert- "(3A) No deduction under section 75 (expenses of management of investment business) shall be allowed from a company's ring fence profits."

(2) The amendment made by subsection (1) has effect in relation to expenses referable to accounting periods ending on or after 12 March 2008 (but see also subsections (3) and (4)).

(3) In the case of expenses referable to a straddling period, a deduction of the relevant fraction of those expenses shall be allowed under section 75 of ICTA from the company's ring fence profits.

(4) But the deduction allowed under subsection (3) may not exceed the total amount of the expenses referable to the straddling period that have actually been paid-

(a) during the first portion of the straddling period, or (b) before the start of the straddling period.

(5) In this section- "first portion", in relation to a straddling period, means the portion which-

(a) begins with the first day of the straddling period, and (b) ends with 11 March 2 008, "relevant fraction" means- where- P is the number of days in the first portion of the straddling period, and T is the total number of days in the straddling period, and "straddling period" means an accounting period beginning before 12 March 2008 and ending on or after that date. P T PART 7: ADMINISTRATION: CHAPTER 1: INFORMATION ETC.:

Frequently asked questions

What does Finance Act, 2008 Section 112 provide?

Section Section 112 of the Finance Act, 2008 (Ring fence trade: no deduction for expenses of investment management) is reproduced on this page as part of the Finance Act, 2008. 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, 2008 Section 112?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2008 Section 112. 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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