Section 33AC(3)(c) in The Income Tax Act, 1961

[Cites 0, Cited by 1] [Section 33AC(3)] [Section 33AC] [Entire Act]

Union of India - Subsection

Section 33AC(3)(c) in The Income Tax Act, 1961

(c)has been utilised for the purpose of acquiring a new ship as specified in clause (a) of sub-section (2), but such ship is] [sold or otherwise transferred, other than in any scheme of demerger] [ Substituted by Act 27 of 1999, Section 14, for " sold or otherwise transferred" (w.e.f. 1.4.2000).][by the assessee to any person at any time before the expiry of ] [Inserted by Act 36 of 1989, Section 5 (w.e.f. 1.4.1990).] [three years] [ Substituted by Act 32 of 2003, Section 17, for " eight years" (w.e.f. 1.4.2004).][from the end of the previous year in which it was acquired, the amount so utilised in acquiring the ship, shall be deemed to be the profits,-

(i)in a case referred to in clause (a), in the year in which the amount was so utilised; or

(ii)in a case referred to in clause (b), in the year immediately following the period of eight years specified in sub-section (2); or

(iii)in a case referred to in clause (c), in the year in which the sale or transfer took place, and shall be charged to tax accordingly.]

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Union of India - Subsection

Section 33AC(3)(c) in The Income Tax Act, 1961