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Displaced Persons (Debts Adjustment) Act, 1951 Preamble 1

Title: Displaced Persons (Debts Adjustment) Act, 1951

State: Central

Year: 1951

THE DISPLACED PERSONS (DEBTS ADJUSTMENT) ACT, 1951 [Act, No. LXX of 1951] [7th November, 1951] PREAMBLE An Act to make certain provisions for the adjustment and settlement of debts due by displaced persons, for the recovery of certain debts due to them and for matters connected therewith or incidental thereto. BE it enacted by Parliament as follows:--

Displaced Persons Debts Adjustment Act, 1951 Preamble 1

Title: Displaced Persons Debt Adjustment Act, 1951

State: Central

Year: 1951

THE DISPLACED PERSONS (DEBTS ADJUSTMENT) ACT, 1951 [Act, No. 70 of 1951] [7th November, 1951] PREAMBLE An Act to make certain provisions for the adjustment and settlement of debts due by displaced persons,?for the recovery of certain debts due to them and for matters connected therewith or incidental thereto. BE it enacted by Parliament as follows:--

Displaced Persons (Debts Adjustment) Act, 1951 Complete Act

Title: Displaced Persons (Debts Adjustment) Act, 1951

State: Central

Year: 1951

.....(DEBTS ADJUSTMENT) ACT, 1951 Chapter I Section1 - Short title, extent and commencement Section2 - Definitions Section3 - Over-riding effect of Act, rules and orders Section4 - Tribunals competent to exercise jurisdiction under this Act Chapter II Section5 - Application by displaced debtors for adjustment of debts Section6 - Rejection of application in certain cases Section7 - Issue of notice Section8 - Objection by respondents Section9 - Proceeding after service of notice on respondents Section10 - Claims by creditors against displaced debtors Section11 - Procedure on creditors petition Section12 - Objection by creditor to schedule of assets Section13 - Claims by displaced creditors against persons who are not displaced debtors Section14 - Procedure on displaced creditor's petition Section15 - Consequences of application by displaced debtor Section16 - Debts secured on immovable property Section17 - Debts secured on movable property Section18 - Claim against insurance companies Section19 - Calls on shares in companies Section20 - No calls to be made on displaced person or bank when company or co-operative society is in liquidation Section21 - Power to.....

Displaced Persons Debts Adjustment Act, 1951 Complete Act

Title: Displaced Persons Debts Adjustment Act, 1951

State: Central

Year: 1951

.....DEBT ADJUSTMENT ACT, 1951 Chapter I Section1 - Short title, extent and commencement Section2 - Definitions Section3 - Over-riding effect of Act, rules and orders Section4 - Tribunals competent to exercise jurisdiction under this Act Chapter II Section5 - Application by displaced debtors for adjustment of debts Section6 - Rejection of application in certain cases Section7 - Issue of notice Section8 - Objection by respondents Section9 - Proceeding after service of notice on respondents Section10 - Claims by creditors against displaced debtors Section11 - Procedure on creditors petition Section12 - Objection by creditor to schedule of assets Section13 - Claims by displaced creditors against persons who are not displaced debtors Section14 - Procedure on displaced creditor's petition Section15 - Consequences of application by displaced debtor Section16 - Debts secured on immovable property Section17 - Debts secured on movable property Section18 - Claim against insurance companies Section19 - Calls on shares in companies Section20 - No calls to be made on displaced person or bank when company or co-operative society is in liquidation Section21 - Power to.....

Displaced Persons (Debts Adjustment) Act, 1951 Chapter II

Title: Dest Adjustment Proceedings

State: Central

Year: 1951

..... (3) The amount realised from the insurance company under any decree passed under sub-section (2) shall first be applied towards the satisfaction of the debt due from the displaced person, and the balance, if any, shall be refunded to the displaced person. (4) An application under this section may be made either by a displaced person having a claim against the insurance company in the circumstances specified in sub-section (1) or by an assignee or any other person having an interest in the claim of any such displaced person, to the Tribunal within the local limits of whose jurisdiction the displaced person actually and voluntarily resides or carries on business or personally works for gain or, in the case of a displaced bank making an application under this section, within whose limits the bank carries on business, for the determination of the amount due in respect of the claim in accordance with the provisions of sub-section (2). (5) To every proceeding under sub-section (4) the insurance company and all persons interested in the claim shall be made parties: Provided that the Tribunal may at any stage of the proceedings direct that the name of any person whose.....

Displaced Persons (Debts Adjustment) Act, 1951 Section 5

Title: Application by Displaced Debtors for Adjustment of Debts

State: Central

Year: 1951

.....(including claims due to him) which are not liable to attachment either under the Code of Civil Procedure, 1908 (Act V of 1908), as amended by section 31 of this Act or under any other law for the time being in force, a specification of the values thereof and of the places where the same may be found; (iii) a schedule of all his properties, both movable and immovable (including claims due to him) which are not included in the schedule under item (ii) of this clause; and (iv) a schedule of all his properties in respect of which a claim has been submitted to the registering officer under the Displaced Persons (Claims) Act, 1950 (XLIV of 1950), and, where any order has been passed in relation to the verification and valuation of the claim under that Act, with a certified copy of the order. (3) All persons whose names are shown in any schedule as having claims against the displaced debtor and all persons whose names are shown as joint-debtors shall be deemed to be the respondents to the application and there shall be filed along with the application, or with the permission of the Tribunal at any later state of the proceedings, as many copies of the application and as many.....

Displaced Persons Debts Adjustment Act, 1951 Chapter II

Title: Dest Adjustment Proceedings

State: Central

Year: 1951

..... (3) The amount realised from the insurance company under any decree passed under sub-section (2) shall first be applied towards the satisfaction of the debt due from the displaced person, and the balance, if any, shall be refunded to the displaced person. (4) An application under this section may be made either by a displaced person having a claim against the insurance company in the circumstances specified in sub-section (1) or by an assignee or any other person having an interest in the claim of any such displaced person, to the Tribunal within the local limits of whose jurisdiction the displaced person actually and voluntarily resides or carries on business or personally works for gain or, in the case of a displaced bank making an application under this section, within whose limits the bank carries on business, for the determination of the amount due in respect of the claim in accordance with the provisions of sub-section (2). (5) To every proceeding under sub-section (4) the insurance company and all persons interested in the claim shall be made parties: Provided that the Tribunal may at any stage of the proceedings direct that the name of any person whose.....

Displaced Persons Debts Adjustment Act, 1951 Section 5

Title: Application by Displaced Debtors for Adjustment of Debts

State: Central

Year: 1951

.....(including claims due to him) which are not liable to attachment either under the Code of Civil Procedure, 1908 (Act V of 1908), as amended by section 31 of this Act or under any other law for the time being in force, a specification of the values thereof and of the places where the same may be found; (iii) a schedule of all his properties, both movable and immovable (including claims due to him) which are not included in the schedule under item (ii) of this clause; and (iv) a schedule of all his properties in respect of which a claim has been submitted to the registering officer under the Displaced Persons (Claims) Act, 1950 (XLIV of 1950), and, where any order has been passed in relation to the verification and valuation of the claim under that Act, with a certified copy of the order. (3) All persons whose names are shown in any schedule as having claims against the displaced debtor and all persons whose names are shown as joint-debtors shall be deemed to be the respondents to the application and there shall be filed along with the application, or with the permission of the Tribunal at any later state of the proceedings, as many copies of the application and as many.....

Displaced Persons (Debts Adjustment) Act,1951 Complete Act

State: Central

Year: 1951

.....transfer his immovable property without the permission of the Tribunal pending the disposal of the proceedings initiated by him or pending the satisfaction of any decree passed against him; and (b) the receiver appointed by a civil Court shall be accountable to the Tribunal where the order appointing him ceases to have "effect". - S.C.R. SECTION 16: DEBTS SECURED ON IMMOVABLE PROPERTY (1) Where a debt incurred by a displaced person is secured by a mortgage, charge or lien on the immovable property belonging to him in West Pakistan, the Tribunal may, for the purpose of any proceeding under this Act, require the creditor to elect to retain the security or to be treated as an unsecured creditor. (2) If the creditor elects to retain the security, he may apply to the Tribunal, having jurisdiction in this behalf as provided in section 10-, for a declaration of the amount due under his debt. (3) Where in any case, the creditor elects to retain his security, if the displaced debtor receives any compensation in respect of any such property as is referred to in sub-section (1), the creditor shall be entitled - (a) where the compensation is paid in cash, to a first charge thereon:.....

Income Tax Act, 1961 Section 55

Title: Meaning of "adjusted", "cost of Improvement" and "cost of Acquisition"

State: Central

Year: 1961

.....from 1st April, 1988] ; (b) "cost of any improvement", - (1) in relation to a capital asset being goodwill of a business or a right to manufacture, produce or process any article or thing 1[or right to carry on any business] shall be taken to be nil; and (2) in relation to any other capital asset, - (i) where the capital asset became the property of the previous owner or the assessee before the 1 st day of April 1981, means all expenditure of a capital nature incurred in making any additions or alterations to the capital asset on or after the said date by the previous owner or the assessee, and (ii) in any other case, means all expenditure of a capital nature incurred in making any additions or alterations to the capital asset by the assessee after it became his property, and, where the capital asset became the property of the assessee by any of the modes specified in sub-section (1) of section 49, by the previous owner, 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 or profession", or "Income from other sources", and.....