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Start Free TrialFinance Act,1990 Chapter III
Title: Direct Taxes
State: Central
Year: 1990
.....turnover" shall not include any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28;'; (iii) in clause (d), for the words "manufacturing goods", the words and brackets "manufacturing (including processing) goods" shall be substituted. Section 23 - Amendment Of Section 80HHD In section 80HHD of the Income-tax Act, with effect from the 1st day of April, 1991, - (a) in sub-section (2), for the words "by the assessee in convertible foreign exchange", the words and brackets "in, or brought into, India by the assessee in convertible foreign exchange within a period of six months from the end of the previous year or, where the Chief Commissioner or Commissioner is satisfied (for reasons to be recorded in writing) that the assessee is, for reasons beyond his control, unable to do so within the said period of six months, within such further period as the Chief Commissioner or Commissioner may allow in this behalf" shall be substituted; (b) for sub-section (3), the following sub-section shall be substituted, namely :- '(3) For the purposes of sub-section (1), profits derived from services provided to foreign tourists shall be the amount which bears to the.....
View Complete Act List Judgments citing this sectionFinance Act,1990 Section 14
Title: Amendment of Section 44ac
State: Central
Year: 1990
In section 44AC of the Income-tax Act, with effect from the 1st day of April, 1991, - (a) in sub-section (1), in clause (a), the following Explanation shall be inserted at the end, namely :- 'Explanation : For the purposes of this clause, "purchase price" means any amount (by whatever name called) paid or payable by the buyer to obtain the goods referred to in this clause, but shall not include the amount paid or payable by him towards the bid money in an auction, or, as the case may be, the highest accepted offer in case of tender or any other mode;'; (b) in the Explanation, after the word "firm", the words "or co-operative society" shall be inserted.
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