Section 19 - Amendment of section 115J - Direct Tax Laws (Amendment) Act, 1989

19. Amendment of section 115J. In section 115J of the Income-tax Act, in sub-section (1),- (a) in the opening portion, after the words a company , the brackets and words (other than a company engaged in the business of generation or distribution of electricity) shall be inserted; (b) in the Explanation,- (i) in clause (b), after the words any reserves , the brackets, words, figures and letters (other than the reserves specified in section 80HHD) shall be inserted; (ii) in clause (f), for the word applies, , the words applies; or shall be substituted; (iii) after clause (f), the following clauses shall be inserted, namely :- (g) the amount withdrawn from the reserve account under section 80HHD, where it has been utilised for any purpose other than those referred to in sub-section (4) of that section; or (h) the amount credited to the reserve account under section 80HHD, to the extent that amount has not been utilised within the period specified in sub-section (4) of that section, ; (iv) for the words If any such amount is debited , the words, brackets and letters if any amount referred to in clauses (a) to (f) is debited or, as the case may be, the amount referred to in clauses (g) and (h) is not credited shall be substituted; (v) in clause (i), after the words from reserves , the brackets, words, figures and letters (other than the reserves specified in section 80HHD) shall be inserted; (vi) clause (iii) shall be renumbered as clause (iv) and before clause (iv) as so renumbered, the following clause shall be inserted, namely :- (iii) the amounts [as arrived at after increasing the net profit by the amounts referred to in clauses (a) to (f) and reducing the net profit by the amounts referred to in clauses (i) and (ii) ] attributable to the business, the profits from which are eligible for deduction under section 80HHC or section 80HHD; so, however, that such amounts are computed in the manner specified in sub-section (3) or sub-section (3A) of section 80HHC or sub-section (3) of section 80HHD, as the case may be; or .