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TypeBare Act JurisdictionCentral Government

Finance Act, 2003 Section 70

Substitution of New Section for Section 185

~1 min read
https://sooperkanoon.com/act/9293

Bare act section · Research

About this section

Finance Act, 2003 Section 70 is part of Finance Act, 2003 - Substitution of New Section for Section 185. Read the section text below and explore Indian court judgments that cite it.

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Section Text

For section 185 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2004, namely:--

'185. Assessment when section 184 not complied with.--

Notwithstanding anything contained in any other provision of this Act, where a firm does not comply with the provisions of section 184 for any assessment year, the firm shall be so assessed that no deduction by way of any payment of interest, salary, bonus, commission or remuneration, by whatever name called, made by such firm to any partner of such firm shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession" and such interest, salary, bonus, commission or remuneration shall not be chargeable to income-tax under clause (v) of section 28.'.

Frequently asked questions

What does Finance Act, 2003 Section 70 provide?

Section Section 70 of the Finance Act, 2003 (Substitution of New Section for Section 185) is reproduced on this page as part of the Finance Act, 2003. 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, 2003 Section 70?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2003 Section 70. 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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