TMI BlogIncome-tax (9th Amendment), Rules, 2018.X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Act, 1961 (43 of 1961), hereinafter referred to as the Income-tax Act, the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962 , namely:- 1. (1) These rules may be called the Income-tax (9th Amendment), Rules, 2018. (2) They shall come into force from the 1st day of April, 2019 and shall apply in relation to assessment year 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the country in which the company is registered or incorporated; ; (b) after rule 11UAA , the following rule shall be inserted, namely:- 11UAB. Determination of fair market value for inventory .-(1) For the purposes of clause (via) of section 28 of the Act , the fair market value of the inventory,- (i) being an immovable property, being land or building or both, shall be the valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would ordinarily fetch on sale in the open market on the date on which the inventory is converted into, or treated, as a capital asset. . [F. No. 370142/05/2018-TPL] PRAVIN RAWAL, Director (TPL-II) Note : The principal rules were published in the Gazette of India vide notification No. S.O. 969(E), dated the 26th March, 1962, and was last amended by vide notification number G.S.R. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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