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Report No. 12

57. Interpretation.-

In sections 50 and 51 (sections re : determination of statutory cost]-

(a) "adjusted", in relation to written down value or fair market value, means diminished by any loss deducted or increased by any profit assessed, under the provisions of section 32(1) clause (iv) [section 10 (2) (vii)-part for losses] or section 41(2) [section 10(2) (vii)-part for profits], as the case may be;

[Cf. Section 12B(2), 2nd proviso, latter half]

(b) "cost of any improvements" means all expenditure of a capital nature incurred in making any additions or alterations to the capital asset, but does not include any expenditure which is deductible in computing the income chargeable under the head "Interest on securities", "Income from house property", "Profits and gains of business, profession or vocation" or "Income from other sources"; and "improvements" shall be construed accordingly.

[Section 12B(2)(ii), part]

Income-Tax Act, 1922 Back

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