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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 (2) of section 23) 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) of section 35 or section 35AD or section 35CCC or clause (iia) of section

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) of section 35 or section 35AD or section 35CCC or under any of the provisions

been substituted. (9) The provisions of sub-section (8) and sub-section (10) of section 80-IA shall, so far as may be, apply ... specified business, referred to in clause (c) of sub-section (8) of section 35AD, for any assessment year, no deduction shall be allowed under

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

deduction claimed, if any, under Sec. 10AA; and (iii) deduction claimed, if any, under Sec. 35AD as reduced by the amount ... depreciation allowable in accordance with the provisions of Sec. 32 as if no deduction under Sec. 35AD was allowed in respect of the assets

accountant as defined in the Explanation below sub-section (2) of section 288 , indicating the computation of the net worth of the undertaking or division ... 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

merits, which is unjustified, illegal and against the provisions of the section 250(6) of the Act. 3. The Ld. CIT(A) has grossly erred ... incurred by the Appellant, under section 35AD of the Act and consequently, the assessed income should have been computed at an enhanced loss

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