Income Tax Act, 2025
Section 8: Ins. by s. 9, ibid. (w.e.f. 12014).
8. Ins. by s. 9, ibid. (w.e.f. 12014).
237
(ii) “eligible transaction” means any transaction,—
(A) carried out electronically on screen-based systems through member or an intermediary,
registered under the bye-laws, rules and regulations of the recognised association for trading in
commodity derivative in accordance with the provisions of the Forward Contracts (Regulation)
Act, 1952 (74 of 1952) and the rules, regulations or bye-laws made or directions issued under that
Act on a recognised association; and
(B) which is supported by a time stamped contract note issued by such member or
intermediary to every client indicating in the contract note, the unique client identity number
allotted under the Act, rules, regulations or bye-laws referred to in sub-clause (A), unique trade
number and permanent account number allotted under this Act;
(iii) “recognised association” means a recognised association as referred to in clause (j) of
section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952) and which fulfils such
conditions as may be prescribed and is notified by the Central Government for this purpose;]
(6) “written down value” means—
(a) in the case of assets acquired in the previous year, the actual cost to the assessee;
(b) in the case of assets acquired before the previous year, the actual cost to the assessee less all
depreciation actually allowed to him under this Act, or under the Indian Income-tax Act, 1922 (11 of
1922), or any Act repealed by that Act, or under any executive orders issued when the Indian Incometax Act, 1886 (2 of 1886), was in force:
1[Provided that in determining the written down value in respect of buildings, machinery or plant
for the purposes of clause (ii) of sub-section (1) of section 32, “depreciation actually allowed” shall
not include depreciation allowed under sub-clauses (a), (b) and (c) of clause (vi) of sub-section (2) of
section 10 of the Indian Income-tax Act, 1922 (11 of 1922), where such depreciation was not
deductible in determining the written down value for the purposes of the said clause (vi);]
2[(c) in the case of any block of assets,—
(i) in respect of any previous year relevant to the assessment year commencing on the 1st day
of April, 1988, the aggregate of the written down values of all the assets falling within that block
of assets at the beginning of the previous year and adjusted,—
(A) by the increase by the actual cost of any asset falling within that block, acquired
during the previous year;
(B) by the reduction of the moneys payable in respect of any asset falling within that
block, which is sold or discarded or demolished or destroyed during that previous year
together with the amount of the scrap value, if any, so, however, that the amount of such
reduction does not exceed the written down value as so increased; and
3[(C) in the case of a slump sale, decrease by the actual cost of the asset falling within
that block as reduced—
(a) by the amount of depreciation actually allowed to him under this Act or under the
corresponding provisions of the Indian Income-tax Act, 1922 (11 of 1922) in respect of
any previous year relevant to the assessment year commencing before the 1st day of
April, 1988; and
“eligible transaction” means any transaction,—
carried out electronically on screen-based systems through member or an intermediary,
registered under the bye-laws, rules and regulations of the recognised association for trading in
commodity derivative in accordance with the provisions of the Forward Contracts
Act, 1952 (74 of 1952) and the rules, regulations or bye-laws made or directions issued under that
Act on a recognised association; and
which is supported by a time stamped contract note issued by such member or
intermediary to every client indicating in the contract note, the unique client identity number
allotted under the Act, rules, regulations or bye-laws referred to in sub-clause
“recognised association” means a recognised association as referred to in clause
of
section 2 of the Forward Contracts
Act, 1952 (74 of 1952) and which fulfils such
conditions as may be prescribed and is notified by the Central Government for this purpose;]
“written down value” means—
in the case of assets acquired in the previous year, the actual cost to the assessee;
in the case of assets acquired before the previous year, the actual cost to the assessee less all
depreciation actually allowed to him under this Act, or under the Indian Income-tax Act, 1922 (11 of
1922), or any Act repealed by that Act, or under any executive orders issued when the Indian Incometax Act, 1886 (2 of 1886), was in force:
1[Provided that in determining the written down value in respect of buildings, machinery or plant
for the purposes of clause
of sub-section
of section 32, “depreciation actually allowed” shall
not include depreciation allowed under sub-clauses
and
of clause
of sub-section
of
section 10 of the Indian Income-tax Act, 1922 (11 of 1922), where such depreciation was not
deductible in determining the written down value for the purposes of the said clause
in the case of any block of assets,—
in respect of any previous year relevant to the assessment year commencing on the 1st day
of April, 1988, the aggregate of the written down values of all the assets falling within that block
of assets at the beginning of the previous year and adjusted,—
by the increase by the actual cost of any asset falling within that block, acquired
during the previous year;
by the reduction of the moneys payable in respect of any asset falling within that
block, which is sold or discarded or demolished or destroyed during that previous year
together with the amount of the scrap value, if any, so, however, that the amount of such
reduction does not exceed the written down value as so increased; and
3[
in the case of a slump sale, decrease by the actual cost of the asset falling within
that block as reduced—
by the amount of depreciation actually allowed to him under this Act or under the
corresponding provisions of the Indian Income-tax Act, 1922 (11 of 1922) in respect of
any previous year relevant to the assessment year commencing before the 1st day of
April, 1988; and