Title : Amendment of Section 37
State : Central
Year : 1965
In section 37 of the Income tax Act, in clause (i) sub section (2), after the word and figures "section 33", the words, figures and letter "or section 33A" shall be inserted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 40
State : Central
Year : 1965
In section 40 of the Income tax Act, in sub clause (iii) of clause (c), (a) in the proviso (i) after the words, brackets and figure "in sub clause (i)", the words, brackets and figures "or any payment of tax referred to in sub clause (vii)" shall be inserted; (ii) after the words, brackets and figures "clause (iv) or clause (v)", the words, brackets and figures "or any expenditure referred to in clause (ix)" shall be inserted; (b) after the proviso, the following proviso shall be inserted, namely : Provided further that nothing in this sub clause shall apply to any expenditure which results directly or indirectly in the provision of any benefit or amenity or perquisite to an employee whose income chargeable under the head "Salaries" is seven thousand five hundred rupees or..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 43
State : Central
Year : 1965
In section 43 of the Income tax Act, (a) for Explanation 6 to clause (r), the following Explanation shall be substituted, namely : "Explanation 6 : When any capital asset is transferred by a holding company to its subsidiary company or by a subsidiary company to its holding company, then, if the conditions of clause (iv) or, as the case may be, of clause (v) of section 47 are satisfied, the actual cost of the transferred capital asset to the transferee company shall be taken to be the same as it would have been if the transferor company had continued to hold the capital asset for the purposes of its business."; (b) for Explanation 2 to clause (6), the following Explanation shall be substituted, namely : "Explanation 2 : When any capital asset is transferred by a holding company..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 47
State : Central
Year : 1965
In section 47 of Income tax Act, after clause (iv), the following clause shall be inserted, namely : "(v) any transfer of a capital asset by a subsidiary company to the holding company if (a) the whole of the share capital of the subsidiary company is held by the holding company, and (b) the holding company is an Indian company.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 49
State : Central
Year : 1965
In section 49 of the Income tax Act, (i) in sub clause (e) of clause (iii), after the word, brackets and figures "clause (iv)", the words, brackets and figure "or clause (v)" shall be inserted; (ii) at the end, the following Explanation shall be added, namely : Explanation : In this section the expression "previous owner of the property" in relation to any capital asset owned by an assessee means the last previous owner of the capital asset who acquired it by a mode of acquisition other than that referred to in clause (i) or clause (ii) or clause (iii) of this section,, View Complete Act List Judgments citing this sectionTitle : Amendment of Section 56
State : Central
Year : 1965
In section 56 of the Income tax Act, in sub section (2), after clause (i), the following clause shall be inserted, namely : "(ia) income referred to in sub clause (viii) of clause (24) of section 2;". View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 69b
State : Central
Year : 1965
After section 69A of the Income tax Act, the following section shall be inserted under the sub heading "Aggregation of Income", namely : "69B. Amount of investments, etc., not fully disclosed in books of account. Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the Income tax Officer finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income, and the assessee offers no explanation about such excess amount or the explanation offered by him is not, in the opinion of the Income tax Officer, satisfactory, the..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 84
State : Central
Year : 1965
In section 84 of the Income tax Act, in sub section (6), for the word, figures and letter "Chapter XI D", the word and figures "Chapter XI" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 85a
State : Central
Year : 1965
After section 85 of the Income tax Act, the following section shall be inserted, namely : "85A. Deduction of tax on intercorporate dividends. Where the total income of an assessee being a company includes any income by way of dividends received by it from an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends (including dividends on preference shares) within India, the assessee shall be entitled to a deduction from the income tax with which it is chargeable on its total income for any assessment year of so much of the amount of income tax calculated at the average rate of income tax on the income so included (other than any such income on which no income tax is payable under the provisions of this Act) as exceeds an..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 86
State : Central
Year : 1965
In section 86 of the Income tax Act, clauses (i) and (ii) shall be omitted. View Complete Act List Judgments citing this section