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Amendment of section 9

Section 5 - Act - DIRECT TAXES - Income-tax - Finance Act - Section 5 - 5. In section 9 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2016,- (A) in clause (i), after Explanation 5, the following Explanations shall be inserted, namely:- Explanation 6.-For the purposes of this clause, it is hereby declared that- (a) the share or interest, referred to in Explanation 5, shall be deemed to derive its value substantially .....

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in such manner as may be prescribed; (c) accounting period means each period of twelve months ending with the 31st day of March: Provided that where a company or an entity, referred to in Explanation 5, regularly adopts a period of twelve months ending on a day other than the 31st day of March for the purpose of- (i) complying with the provisions of the tax laws of the territory, of which it is a resident, for tax purposes; or (ii) reporting to persons .....

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later accounting period shall be the successive periods of twelve months: Provided also that if the company or the entity ceases to exist before the end of accounting period, as aforesaid, then, the accounting period shall end immediately before the company or, as the case may be, the entity, ceases to exist. (d) specified date means the- (i) date on which the accounting period of the company or, as the case may be, the entity ends preceding the date of transfer .....

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registered or incorporated outside India, referred to in the Explanation 5,- (i) if such company or entity directly owns the assets situated in India and the transferor (whether individually or along with its associated enterprises), at any time in the twelve months preceding the date of transfer, neither holds the right of management or control in relation to such company or entity, nor holds voting power or share capital or interest exceeding five per cent. of the total voting power .....

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le him to the right of management or control in the company or entity that directly owns the assets situated in India, nor holds such percentage of voting power or share capital or interest in such company or entity which results in holding of (either individually or along with associated enterprises) a voting power or share capital or interest exceeding five per cent. of the total voting power or total share capital or total interest, as the case may be, of the company or entity that directly o .....

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