Income Tax Act, 2025
Section 6: Ins. by Act 32 of 1994, s. 3 (w.e.f. 11995).
6. Ins. by Act 32 of 1994, s. 3 (w.e.f. 11995).
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1[Explanation 4.—For the purposes of this clause, the expression “equity oriented fund” shall
have the meaning assigned to it in 2[clause (a) of the Explanation to section 112A];]
3[(42B) “short-term capital gain” means capital gain arising from the transfer of a short-term
capital asset;]
4[(42C) “slump sale” means the transfer of one or more undertakings as a result of the sale for a
lump sum consideration without values being assigned to the individual assets and liabilities in such
sales.
Explanation 1.—For the purposes of this clause, “undertaking” shall have the meaning assigned
to it in Explanation 1 to clause (19AA).
Explanation 2.—For the removal of doubts, it is hereby declared that the determination of the
value of an asset or liability for the sole purpose of payment of stamp duty, registration fees or other
similar taxes or fees shall not be regarded as assignment of values to individual assets or liabilities;]
5[(43) “tax” in relation to the assessment year commencing on the 1st day of April, 1965, and any
subsequent assessment year means income-tax chargeable under the provisions of this Act, and in
relation to any other assessment year income-tax and super-tax chargeable under the provisions of
this Act prior to the aforesaid date 6[and in relation to the assessment year commencing on the 1st day
of April, 2006, and any subsequent assessment year includes the fringe benefit tax payable
under section 115WA];
(43A) “tax credit certificate” means a tax credit certificate granted to any person in accordance
with the provisions of Chapter XXII-B and any scheme made thereunder;]
7* * * * *
8[(44) “Tax Recovery Officer” means any Income-tax Officer who may be authorised by the
9[Principal Chief Commissioner or Chief Commissioner] or 10[Principal Commissioner or
Commissioner], by general or special order in writing, to exercise the powers of a Tax Recovery
Officer 11[and also to exercise or perform such powers and functions which are conferred on, or
assigned to, an Assessing Officer under this Act and which may be prescribed];]
of the Explanation to section 112A];]
3[
“short-term capital gain” means capital gain arising from the transfer of a short-term
capital asset;]
4[
“slump sale” means the transfer of one or more undertakings as a result of the sale for a
lump sum consideration without values being assigned to the individual assets and liabilities in such
sales.
Explanation 1.—For the purposes of this clause, “undertaking” shall have the meaning assigned
to it in Explanation 1 to clause
“tax” in relation to the assessment year commencing on the 1st day of April, 1965, and any
subsequent assessment year means income-tax chargeable under the provisions of this Act, and in
relation to any other assessment year income-tax and super-tax chargeable under the provisions of
this Act prior to the aforesaid date 6[and in relation to the assessment year commencing on the 1st day
of April, 2006, and any subsequent assessment year includes the fringe benefit tax payable
under section 115WA];
“tax credit certificate” means a tax credit certificate granted to any person in accordance
with the provisions of Chapter XXII-B and any scheme made thereunder;]
7* * * * *
8[
“Tax Recovery Officer” means any Income-tax Officer who may be authorised by the
9[Principal Chief Commissioner or Chief Commissioner] or 10[Principal Commissioner or
Commissioner], by general or special order in writing, to exercise the powers of a Tax Recovery
Officer 11[and also to exercise or perform such powers and functions which are conferred on, or
assigned to, an Assessing Officer under this Act and which may be prescribed];]