Income Tax Act, 2025
Section 14: Ins. by Act 23 of 2004, s. 3 (w.e.f. 12005).
14. Ins. by Act 23 of 2004, s. 3 (w.e.f. 12005).
43
1[(xiv) any sum referred to in clause (vi) of sub-section (2) of section 56;]
2[(xv) any sum of money or value of property referred to in clause (vii) 3[or clause (viia)] of
sub-section (2) of section 56;]
4[(xvi) any consideration received for issue of shares as exceeds the fair market value of the
shares referred to in clause (viib) of sub-section (2) of section 56;]
5[(xvii) any sum of money referred to in clause (ix) of sub-section (2) of section 56;]
6[(xviia) any sum of money or value of property referred to in clause (x) of sub-section (2)
section 56;]
7[(xviib) any compensation or other payment referred to in clause (xi) of sub-section (2) of
section 56;]
8[(xviii) assistance in the form of a subsidy or grant or cash incentive or duty drawback or
waiver or concession or reimbursement (by whatever name called) by the Central Government or
a State Government or any authority or body or agency in cash or kind to the assessee 9[other
than,—
(a) the subsidy or grant or reimbursement which is taken into account for determination
of the actual cost of the asset in accordance with the provisions of Explanation 10 to
clause (1) of section 43; or
(b) the subsidy or grant by the Central Government for the purpose of the corpus of a
trust or institution established by the Central Government or a State Government, as the
case may be];]
(25) “Income-tax Officer” means a person appointed to be an Income-tax Officer under
10*** section 117;
11[(25A) “India” means the territory of India as referred to in article 1 of the Constitution, its
territorial waters, seabed and subsoil underlying such waters, continental shelf, exclusive economic
zone or any other maritime zone as referred to in the Territorial Waters, Continental Shelf, Exclusive
Economic Zone and other Maritime Zones Act, 1976 (80 of 1976), and the air space above its
territory and territorial waters;]
(26) “Indian company” means a company formed and registered under the Companies Act, 1956
(1 of 1956), and includes—
(i) a company formed and registered under any law relating to companies formerly in force
in any part of India 12[other than the State of Jammu and Kashmir and the Union territories
specified in sub-clause (iii) of this clause];
13[(ia) a corporation established by or under a Central, State or Provincial Act;
(ib) any institution, association or body which is declared by the Board to be a company
under clause (17);]
any sum referred to in clause
of sub-section
of section 56;]
2[
any sum of money or value of property referred to in clause
3[or clause
of section 56;]
4[
any consideration received for issue of shares as exceeds the fair market value of the
shares referred to in clause
of sub-section
of section 56;]
5[
any sum of money referred to in clause
of sub-section
of section 56;]
6[
any sum of money or value of property referred to in clause
of sub-section
section 56;]
7[
any compensation or other payment referred to in clause
of sub-section
of
section 56;]
8[
assistance in the form of a subsidy or grant or cash incentive or duty drawback or
waiver or concession or reimbursement (by whatever name called) by the Central Government or
a State Government or any authority or body or agency in cash or kind to the assessee 9[other
than,—
the subsidy or grant or reimbursement which is taken into account for determination
of the actual cost of the asset in accordance with the provisions of Explanation 10 to
clause
of section 43; or
the subsidy or grant by the Central Government for the purpose of the corpus of a
trust or institution established by the Central Government or a State Government, as the
case may be];]
“Income-tax Officer” means a person appointed to be an Income-tax Officer under
10*** section 117;
11[
“India” means the territory of India as referred to in article 1 of the Constitution, its
territorial waters, seabed and subsoil underlying such waters, continental shelf, exclusive economic
zone or any other maritime zone as referred to in the Territorial Waters, Continental Shelf, Exclusive
Economic Zone and other Maritime Zones Act, 1976 (80 of 1976), and the air space above its
territory and territorial waters;]
“Indian company” means a company formed and registered under the Companies Act, 1956
(1 of 1956), and includes—
a company formed and registered under any law relating to companies formerly in force
in any part of India 12[other than the State of Jammu and Kashmir and the Union territories
specified in sub-clause
of this clause];
13[
a corporation established by or under a Central, State or Provincial Act;
any institution, association or body which is declared by the Board to be a company
under clause