Amendment of section 43.

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Full Text of the Document

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....lause 12 of the Bill seeks to amend section 43 of the Incometax Act relating to definitions of certain terms relevant to income from profits and gains of business or profession. Sub-section (1) of the said section defines the term "actual cost" to mean the actual cost of the assets to the assessee, reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any ....