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of <h1>Income-tax Act Amended: New Rules for Business Contract Compensation and Inventory Fair Market Value Assessment Under Section 28</h1> Section 28 of the Income-tax Act was amended by the Finance Act, 2018, effective from April 1, 2019. A new sub-clause (e) was added to clause (ii), addressing compensation received by any person related to the termination or modification of business contract terms. Additionally, a new clause (via) was introduced after clause (vi), which requires the fair market value of inventory, converted into or treated as a capital asset, to be determined in a prescribed manner.
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