Amendment of section 50B

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....has been allowed or is allowable as a deduction under section 35AD, nil; and (c) in the case of other assets, the book value of such assets.". - Clause 24 of the Bill seeks to amend section 50B of the Incometax Act relating to special provision for cost of computation of capital gains in case of slump sale. Under the existing provisions any profits or gains arising from the slump sale effec....

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....in its books of account. It is proposed to substitute clause (b) of Explanation 2 of the said section to provide that for computing the net worth, the aggregate value of total assets shall be, (a) in the case of depreciable assets, the written down value of the block of assets determined in accordance with the provisions contained in subitem (c) of item (i) of sub-clause (c) of clause (6) of se....