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Amendment of section 9

Section 5 - 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 from the assets (whether tangible or intangible) lo .....

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ve 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 holding the share or interest, then, the period of twelve months ending with the other day shall be the accounting period of th .....

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d 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 of a share or an interest; or (ii) date of transfer, if the book value of the assets of the company or, as the case may be, the entity on the date of transfer exceeds the book value of .....

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ed 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 or total share capital or total interest, as the case may be, of such company or entity; or (ii) if such company or entity indirectly owns the assets situated in India and the transferor (whether individually or along with its .....

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