TaxTMI 
TaxTMI 
Amendment of section 43
X X X X Extracts X X X X
X X X X Extracts X X X X
....etter "clause (i), clause (ii) or clause (iii) of sub-section (1) or sub-section (1A)", the words, brackets and figures "clause (ii) of sub-section (1)" shall be substituted; (b) for Explanation 2, the following Explanation shall be substituted, namely :- 'Explanation 2.- Where an asset is acquired by the assessee by way of gift or inheritance, the actual cost of the asset to....
X X X X Extracts X X X X
X X X X Extracts X X X X
....is business or profession and thereafter ceased to be his property by reason of transfer or otherwise, is re-acquired by him, the actual cost to the assessee shall be- (i) the actual cost to him when he first acquired the asset as reduced by - (a) the amount of depreciation actually allowed to him under this Act or under the corresponding provisions of the Indian Income-tax Act, ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the assets falling within that block of assets at the beginning of the previous year and adjusted,- (A) by the increase by the actual cost of any asset falling within that block, acquired during the previous year; and (B) by the reduction of the moneys payable in respect of any asset falling within that block, which is sold or discarded or demolished or destroyed during that pre....
X X X X Extracts X X X X
X X X X Extracts X X X X
....all be substituted, namely :- "Explanation 2 .- Where in any previous year, any block of assets is transferred,- (a) by a holding company to its subsidiary company or by a subsidiary company to its holding company and the conditions of clause (iv) or, as the case may be, of clause (v) of section 47 are satisfied; or (b) by the amalgamating company to the amalgamated comp....