Section 24 of Finance Act 2018 : Amendment of section 79 Income Tax Act

By | April 1, 2018
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(Last Updated On: April 14, 2018)

Section 24 of Finance Act 2018

[Section 24 of Finance Act 2018 deals with Amendment of section 79. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 79.

24. In section 79 of the Income-tax Act [as substituted by section 32 of the Finance Act, 2017 (7 of 2017)], after the second proviso, the following proviso shall be inserted, namely:—

Provided also that nothing contained in this section shall apply to a company where a change in the shareholding takes place in a previous year pursuant to a resolution plan approved under the Insolvency and Bankruptcy Code, 2016 (31 of 2016), after affording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commissioner.”.

Finance Act 2018 : Assented by President : Download Print Notification

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