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TypeBare Act JurisdictionCentral Government

Finance Act, 2006 Section 7

Amendment of Section 14a

~1 min read
https://sooperkanoon.com/act/48562

Bare act section · Research

About this section

Finance Act, 2006 Section 7 is part of Finance Act, 2006 - Amendment of Section 14a. Read the section text below and explore Indian court judgments that cite it.

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Section Text

Section 14A of the Income-tax Act shall be numbered as sub-section (1) thereof and after sub-section (1) as so numbered, the following sub-sections shall be inserted, with effect from the 1st day of April, 2007, namely:--

"(2) The Assessing Officer shall determine the amount of expenditure incurred in relation to such income which does not form part of the total income under this Act in accordance with such method as may be prescribed, if the Assessing Officer, having regard to the accounts of the assessee, is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to income which does not form part of the total income under this Act.

(3) The provisions of sub-section (2) shall also apply in relation to a case where an assessee claims that no expenditure has been incurred by him in relation to income which does not form part of the total income under this Act".

Frequently asked questions

What does Finance Act, 2006 Section 7 provide?

Section Section 7 of the Finance Act, 2006 (Amendment of Section 14a) is reproduced on this page as part of the Finance Act, 2006. 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, 2006 Section 7?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2006 Section 7. 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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