Section 9 of Finance Act 2018
[Section 9 of Finance Act 2018 deals with Amendment of section 28. and is covered in CHAPTER III DIRECT TAXES]
Amendment of section 28.
9. In section 28 of the Income-tax Act, with effect from the 1st day of April, 2019,—
|(I)||in clause (ii), after sub-clause (d), the following sub-clause shall be inserted, namely:—|
|“(e)||any person, by whatever name called, at or in connection with the termination or the modification of the terms and conditions, of any contract relating to his business;”;|
|(II)||after clause (vi), the following clause shall be inserted, namely:—|
|“(via)||the fair market value of inventory as on the date on which it is converted into, or treated as, a capital asset determined in the prescribed manner;”.|