Income Tax Act, 2025
Section 10: Ins. by Act 20 of 2015, s. 30 (w.e.f. 12016).
10. Ins. by Act 20 of 2015, s. 30 (w.e.f. 12016).
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if such income is credited to the 1[statement of profit and loss] and the income-tax payable thereon in
accordance with the provisions of this Act, other than the provisions of this Chapter, is at a rate less than
the rate specified in sub-section (1); or
(iie) the amount representing,—
(A) notional gain on transfer of a capital asset, being share of a special purpose vehicle to a
business trust in exchange of units allotted by that trust referred to in clause (xvii) of section 47;
or
(B) notional gain resulting from any change in carrying amount of said units; or
(C) gain on transfer of units referred to in clause (xvii) of section 47,
if any, credited to the 1[statement of profit and loss]; or
(iif) the amount of loss on transfer of units referred to in clause (xvii) of section 47 computed by
taking into account the cost of the shares exchanged with units referred to in the said clause or the
carrying amount of the shares at the time of exchange where such shares are carried at a value other
than the cost through profit or loss account, as the case may be; or]
2[(iig) the amount of income by way of royalty in respect of patent chargeable to tax under
section 115BBF;] or
3[(iih) the aggregate amount of unabsorbed depreciation and loss brought forward in case of a
company against whom an application for corporate insolvency resolution process has been admitted
by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and
Bankruptcy Code, 2016.
Explanation.––For the purposes of this clause, the expression “Adjudicating Authority” shall
have the meaning assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code,
2016 and the loss shall not include depreciation; or;]
4[(iii) the amount of loss brought forward or unabsorbed depreciation, whichever is less as per
books of account 3[in case of a company other than the company referred to in clause (iih)].
Explanation.—For the purposes of this clause,—
(a) the loss shall not include depreciation;
(b) the provisions of this clause shall not apply if the amount of loss brought forward or
unabsorbed depreciation is nil; or]
5* * * * *
(vii) the amount of profits of sick industrial company for the assessment year commencing on and
from the assessment year relevant to the previous year in which the said company has become a sick
industrial company under sub-section (1) of section 17 of the Sick Industrial Companies (Special
Provisions) Act, 1985 (1 of 1986) and ending with the assessment year during which the entire net
worth of such company becomes equal to or exceeds the accumulated losses.
Explanation.—For the purposes of this clause, “net worth” shall have the meaning assigned to it
in clause (ga) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions)
Act, 1985 (1 of 1986); or
6[(viii) the amount of deferred tax, if any such amount is credited to the 1[statement of profit and
loss].]
the amount representing,—
notional gain on transfer of a capital asset, being share of a special purpose vehicle to a
business trust in exchange of units allotted by that trust referred to in clause
of section 47;
or
notional gain resulting from any change in carrying amount of said units; or
gain on transfer of units referred to in clause
of section 47,
if any, credited to the 1[statement of profit and loss]; or
the amount of loss on transfer of units referred to in clause
of section 47 computed by
taking into account the cost of the shares exchanged with units referred to in the said clause or the
carrying amount of the shares at the time of exchange where such shares are carried at a value other
than the cost through profit or loss account, as the case may be; or]
2[
the amount of income by way of royalty in respect of patent chargeable to tax under
section 115BBF;] or
3[
the aggregate amount of unabsorbed depreciation and loss brought forward in case of a
company against whom an application for corporate insolvency resolution process has been admitted
by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and
Bankruptcy Code, 2016.
Explanation.––For the purposes of this clause, the expression “Adjudicating Authority” shall
have the meaning assigned to it in clause
of section 5 of the Insolvency and Bankruptcy Code,
2016 and the loss shall not include depreciation; or;]
4[
the amount of loss brought forward or unabsorbed depreciation, whichever is less as per
books of account 3[in case of a company other than the company referred to in clause
the loss shall not include depreciation;
the provisions of this clause shall not apply if the amount of loss brought forward or
unabsorbed depreciation is nil; or]
5* * * * *
the amount of profits of sick industrial company for the assessment year commencing on and
from the assessment year relevant to the previous year in which the said company has become a sick
industrial company under sub-section
of section 17 of the Sick Industrial Companies (Special
Provisions) Act, 1985 (1 of 1986) and ending with the assessment year during which the entire net
worth of such company becomes equal to or exceeds the accumulated losses.
Explanation.—For the purposes of this clause, “net worth” shall have the meaning assigned to it
in clause
of sub-section
of section 3 of the Sick Industrial Companies (Special Provisions)
Act, 1985 (1 of 1986); or
6[
the amount of deferred tax, if any such amount is credited to the 1[statement of profit and
loss].]