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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act Section 35B Amended: Certain Sub-clauses Omitted, New Explanation on Expenditure Coverage Introduced. Effective April 1981.</h1> Section 35B of the Income-tax Act is amended by the Finance (No. 2) Act, 1980, effective April 1, 1981. In sub-section (1), specific sub-clauses (ii), (iii), (v), (vi), and (viii) of clause (b) are omitted. Additionally, a new Explanation 2 is introduced, clarifying that clause (b) does not cover expenditures related to purchasing and manufacturing expenses, which are typically charged to the trading or manufacturing account rather than the profit and loss account.
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