Amendment of section 43.

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....tion has been allowed or is allowable to the assessee under section 35AD, shall be treated as 'nil',— (a) in the case of such assessee; and (b) in any other case if the capital asset is acquired or received,— (i) by way of gift or will or an irrevocable trust; (ii) on any distrbution on liquidation of the company; and (iii) by such mode of transfer as is referred to in clauses (....

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....o amend section 43 of the Incometax Act, relating to definitions of certain terms relevant to income from profits and gains of business or profession. The existing provisions contained in clause (1) of the said section provides that "actual cost" means the actual cost of the assets to the assessee, reduced by the portion of the cost thereof, if any, as has been met directly or indirectly by any....

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....ure. It is also proposed to insert an Explanation in clause (6) of the said section to clarify that where the income of an assessee is derived, in part from agriculture and in part from business of the assessee chargeable to income-tax under the head "Profits and gains of business and profession", for computing the written down value of assets acquired before the previous year, the total amount....