Amendment to Section 36 expands development scope to include agricultural development alongside industrial development for tax purposes. The Finance (No. 2) Act, 1971 amends clause (viii) of subsection (1) of Section 36 of the Income-tax Act by substituting the phrase "industrial ... Summary
Amendment to Section 36 expands development scope to include agricultural development alongside industrial development for tax purposes.
The Finance (No. 2) Act, 1971 amends clause (viii) of subsection (1) of Section 36 of the Income-tax Act by substituting the phrase "industrial development" with "industrial or agricultural development," thereby expanding the clause's scope to include agricultural development alongside industrial development, effective from the specified commencement date.
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