Section 34 - Amendment of section 115JB. - Finance (No. 2) Act, 2019

Amendment of section 115JB. 34. In section 115JB of the Income-tax Act, in sub-section (2), in Explanation 1, in the long line, for clause (iih), the following clause shall be substituted with effect from the 1st day of April, 2020, namely:- (iih) the aggregate amount of unabsorbed depreciation and loss brought forward in case of a- (A) company, and its subsidiary and the subsidiary of such subsidiary, where, the Tribunal, on an application moved by the Central Government under section 241 of the Companies Act, 2013 (18 of 2013.) has suspended the Board of Directors of such company and has appointed new directors who are nominated by the Central Government under section 242 of the said Act; (B) company against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016.). Explanation . For the purposes of this clause,- (i) Adjudicating Authority shall have the meaning assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016.); (ii) Tribunal shall have the meaning assigned to it in clause (90) of section 2 of the Companies Act, 2013 (18 of 2013.); (iii) a company shall be a subsidiary of another company, if such other company holds more than half in the nominal value of equity share capital of the company; (iv) loss shall not include depreciation; or .