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of <h1>Finance Act 2009 Amends Income-tax Act Section 115JA: New Clause on Asset Value Diminution, Effective Retroactively from 1998.</h1> Section 115JA of the Income-tax Act was amended by the Finance (No. 2) Act, 2009. In sub-section (2), after the second proviso, the Explanation was modified to include a new clause (g). This clause addresses amounts set aside as provisions for diminution in the value of any asset. The amendment specifies that if amounts referred to in clauses (a) to (g) are debited to the profit and loss account, they should be reduced accordingly. This change is retroactively effective from April 1, 1998.
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