shall have the meaning assigned to it in clause (10D) of Section 10 ;
(vii) any sum, whether received or receivable, in cash or kind ... such capital asset has been allowed as a deduction under Section 35AD .
Explanation 1.[Omitted by the Direct Tax Laws (Amendment
shall have the meaning assigned to it in clause (10D)
of section 10 ;]
[(vii) any sum, whether received or receivable, in cash or kind ... such capital asset has been allowed as a
deduction under section 35AD .]
*****
Explanation 2.--Where speculative transactions carried on by an
assessee are of such
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 ... purport of one section
cannot be understood with reference to other sections of
the Act. Therefore, with reference to Section
35AD(8)(C) , 44AA
provisions of section 10AA or clause
(iia) of sub-section (1) of section 32
or section 32AD or section 33AB or
section 33ABA ... clause (iii)
of sub-section (1) or sub-section
(2AA) or sub-section (2AB) of section
35 or section 35AD or section 35CCC or
section
convenience, we
would like to extract the provisions under Section 147 of Act and
Section 73(1) of the Act, which reads thus:
"Carry ... loss, computed in respect of a speculation
business referred to in section 35AD shall not be set off except
against profits and gains
provisions of section 10AA or clause (iia)
of sub-section (1) of section 32 or section 32AD or section 33AB or section
33ABA ... clause (iii) of sub-section
(1) or sub-section (2AA) or sub-section (2AB) of section 35 or section
35AD or section 35CCC or section
notice. The accused persons therein were charged under Section 341 , I.P.C. read with Section 35AD of the Banking Regulation ... dropping of the proceedings in exercise of its inherent powers under Section 482 , Criminal Procedure Code, even if for some reason it came
deduction has been allowed or is allowable to the assessee
under section 35AD, shall be treated as 'nil',—
(a) in the case ... Section 47 :
Provided that where any capital asset in respect of which
deduction or part of deduction allowed under section 35AD is
deemed
deduction has been allowed or is allowable to the assessee
under section 35AD, shall be treated as 'nil',—
(a) in the case ... Section 47 :
Provided that where any capital asset in respect of which
deduction or part of deduction allowed under section 35AD is
deemed
provisions of
section 10AA or clause (iia) of sub-section (1) of
section 32 or section 32AD or section 33AB or section
33ABA ... clause (iii) of sub-section (1) or sub-section (2AA) or
sub-section (2AB) of section 35 or section 35AD or
section 35CCC or section
