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Section 18 in Finance Act, 2020 18. Amendment of section 35AD. - In section 35AD of the Income-tax Act, - (i) in sub-section

section (1) or sub-section (2AA) of section 35 or section 35AD or section 35CCC or clause (iia) of section 57 or under

section (1) or sub-section (2AA) of section 35 or section 35AD or section 35CCC or under any of the provisions of Chapter

Finance Act, 2020 UNION OF INDIA India Finance Act, 2020 Act 12 of 2020 Published

Reliance Industries Limited, Mumbai vs Assistant Commissioner Of Income Tax- ... on 10 November, 2020 THE

business, referred to in clause (c) of sub-section (8) of section 35AD, for any assessment year, no deduction shall be allowed under the provisions ... section 35AD in relation to such specified business for the same or any other assessment year.] Explanation 1.--For the purposes of this section

medical profession. It is also pointed out that from perusal of Sections 35AD(8)(C) , 44AA and 80-IB , it is evident that hospitals carry ... reference to other sections of the Act. Therefore, with reference to Section 35AD(8)(C) , 44AA and 80-IB , it cannot be inferred that

under Sec. 10AA; and (iii) deduction claimed, if any, under Sec. 35AD as reduced by the amount of depreciation allowable in accordance with the provisions ... deduction under Sec. 35AD was allowed in respect of the assets on which the deduction under that section is claimed. Accordingly, for the purpose

expenditure has been allowed or is allowable as a deduction under section 35AD , nil; and (c) in the case of other assets, the book value

incurred by the Appellant, under section 35AD of the Act and consequently, the assessed income should have been computed at an enhanced loss