TMI BlogAmendment of section 55.X X X X Extracts X X X X X X X X Extracts X X X X ..... with a business or profession, or a right to manufacture, produce or process any article or thing, or right to carry on any business or profession, or tenancy rights, or stage carriage permits, or loom hours,- (i) in the case of acquisition of such asset by the assessee by purchase from a previous owner, means the amount of the purchase price; and (ii) in the case falling under sub-clauses ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment year commencing on the 1st day of April, 2021 shall be reduced from the amount of purchase price; . - Clause 20 of the Bill seeks to amend section 55 of the Income tax Act relating to meaning of adjusted , cost of improvement and cost of acquisition . Clause (a) of sub-section (2) of the said section provides that for the purposes of sections 48 and 49, cost of acquisition in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht to manufacture, produce or process any article or thing, or right to carry on any business or profession, or tenancy rights, or stage carriage permits, or loom hours,- (i) in the case of acquisition of such asset by the assessee by purchase from a previous owner, means the amount of the purchase price; and (ii) in the case falling under sub-clause (i) to (iv) of sub-section (1) of section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the depreciation so obtained by the assessee before the previous year relevant to the assessment year commencing on the 1st day of April, 2021. These amendments will take effect from 1st April, 2021 and will, accordingly, apply in relation to assessment year 2021-2022 and subsequent assessment years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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