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of <h1>Amendment to Income-tax Act: Section 50B Explanation 2 Updated, New Clauses for Asset Valuation Effective April 1, 2010.</h1> Section 50B of the Income-tax Act is amended by the Finance (No. 2) Act, 2009, effective April 1, 2010. The amendment involves changes to Explanation 2, where clause (a) is modified by removing the word 'and' at the end. Clause (b) is replaced with two new clauses: (b) specifies that for capital assets with expenditure fully allowed or allowable as a deduction under section 35AD, the value is nil; (c) states that for other assets, the value is their book value.
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