Amendment of section 55.

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....sociated with a business or profession, or a right to manufacture, produce or process any article or thing, or right to carry on any business or profession, or tenancy rights, or stage carriage permits, or loom hours,- (i) in the case of acquisition of such asset by the assessee by purchase from a previous owner, means the amount of the purchase price; and (ii) in the case fallin....

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....n (1) of section 32 before the assessment year commencing on the 1st day of April, 2021 shall be reduced from the amount of purchase price;". - Clause 20 of the Bill seeks to amend section 55 of the Income -tax Act relating to meaning of "adjusted", "cost of improvement" and "cost of acquisition". Clause (a) of sub-section (2) of the said section provides that for the purposes of sections ....

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....ociated with a business or profession, or a right to manufacture, produce or process any article or thing, or right to carry on any business or profession, or tenancy rights, or stage carriage permits, or loom hours,- (i) in the case of acquisition of such asset by the assessee by purchase from a previous owner, means the amount of the purchase price; and (ii) in the case falling....