Title : Special Provision for Computation of Capital Gains in Case of Slump Sale
State : Central
Year : 1961
1(1) Any profits or gains arising from the slump sale effected in the previous year shall be chargeable to income-tax as capital gains arising from the transfer of long-term capital assets and shall be deemed to be the income of the previous year in which the transfer took place: Provided that any profits or gains arising from the transfer under the slump sale of any capital asset being one or more undertakings owned and held by an assessee for not more than thirty-six months immediately preceding the date of its transfer shall be deemed to be the capital gains arising from the transfer of short-term capital assets. (2) In relation to capital assets being an undertaking or division transferred by way of such sale, the "net worth" of the undertaking or the division, as the case may..... View Complete Act List Judgments citing this sectionTitle : Capital Gain on Transfer of Long-term Capital Assets Not to Be Charged in the Case of Investment in Specified Securities
State : Central
Year : 1961
(1) Where the capital gain arises from the transfer of a long-term capital asset 1[before the 1st day of April, 2000] (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of such transfer, invested the whole or any part of the net consideration in any of the bonds, debentures, shares of a public company or units of any mutual fund referred to in clause (23D) of section 10, specified by the Board in this behalf by notification in the Official Gazette (such assets hereafter in this section referred to as the specified securities, the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say, - (a) if the cost of..... View Complete Act List Judgments citing this sectionTitle : Exemption of Capital Gains on Transfer of Assets in Cases of Shifting of Industrial Undertaking from Urban Area to Any Special Economic Zone
State : Central
Year : 1961
1[(1) Notwithstanding anything contained in section 54G, where the capital gain arises from the transfer of a capital asset, being machinery or plant or building or land or any rights in building or land used for the purposes of the business of an industrial undertaking situate in an urban area, effected in the course of, or in consequence of the shifting of such industrial undertaking to any Special Economic Zone, whether developed in any urban area or any other area and the assessee has within a period of one year before or three years after the date on which the transfer took place, - (a) purchased machinery or plant for the purposes of business of the industrial undertaking in the Special Economic Zone to which the said undertaking is shifted; (b) acquired building or land or..... View Complete Act List Judgments citing this sectionTitle : Reference to Valuation Officer
State : Central
Year : 1961
With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer - (a) in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the Assessing Officer is of opinion that the value so claimed is less than its fair market value; (b) in any other case, if the Assessing Officer is of opinion - (i) that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than such percentage of the value of the asset as so claimed or by more than such amount as may be prescribed1 in this behalf; or (ii) that having regard to the nature of the asset and..... View Complete Act List Judgments citing this sectionTitle : Income of Individual to Include Income of Spouse, Minor Child, Etc.
State : Central
Year : 1961
(1) In computing the total income of any individual, there shall be included all such income as arises directly or indirectly - (i) [Omitted by the Finance Act, 1992, with effect from 1st April, 1993]; (ii) to the spouse of such individual by way of salary, commission, fees or any other form of remuneration whether in cash or in kind from a concern in which such individual has a substantial interest: Provided that nothing in this clause shall apply in relation to any income arising to the spouse where the spouse possesses technical or professional qualifications and the income is solely attributable to the application of his or her technical or professional knowledge and experience; (iii) [Omitted by the Finance Act, 1992, with effect from 1st April, 1993]; (iv) subject to..... View Complete Act List Judgments citing this sectionTitle : Provisions Relating to Carry Forward and Set off of Accumulated Loss and Unabsorbed Depreciation Allowance in Business Reorganisation of Co-operative Banks
State : Central
Year : 1961
1[(1) The assessee, being a successor co-operative bank, shall, in a case where the amalgamation has taken place during the previous year, be allowed to set off the accumulated loss and the unabsorbed depreciation, if any, of the predecessor co-operative bank as if the amalgamation had not taken place, and all the other provisions of this Act relating to set off and carry forward of loss and allowance for depreciation shall apply accordingly. (2) The provisions of this section shall apply if - (a) the predecessor co-operative bank - (i) has been engaged in the business of banking for three or more years; and (ii) has held at least three-fourths of the book value of fixed assets as on the date of the business reorganisation, continuously for two years prior to the date of..... View Complete Act List Judgments citing this sectionTitle : Deduction Not to Be Allowed Unless Return Furnished
State : Central
Year : 1961
1[Where in computing the total income of an assessee of the previous year relevant to the assessment year commencing on the 1st day of April, 2006 or any subsequent assessment year, any deduction is admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC 2[or section 80-ID or section 80-IE], no such deduction shall be allowed to him unless he furnishes a return of his income for such assessment year on or before the due date specified under sub-section (1) of section 139.] ________________________ 1. Inserted by the Finance Act, 2006, with effect from 1st April, 2006. 2. Inserted by the Finance Act, 2007, with effect from 1st April, 2008. View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Life Insurance Premia, Deferred Annuity, Contributions to Provident Fund, Subscription to Certain Equity Shares or Debentures, Etc.
State : Central
Year : 1961
1[(1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed one lakh rupees. (2) The sums referred to in sub-section (1) shall be any sums paid or deposited in the previous year by the assessee (i) to effect or to keep in force an insurance on the life of persons specified in sub-section (4); (ii) to effect or to keep in force a contract for a deferred annuity, not being an annuity plan referred to in clause (xii), on the life of persons specified in sub-section (4): Provided that such contract does not..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Repayment of Loan Taken for Higher Education
State : Central
Year : 1961
1(1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by way of interest on loan taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education 2[or for the purpose of higher education of his relative]. (2) The deduction specified in sub-section (1) shall be allowed in computing the total income in respect of the initial assessment year and seven assessment years immediately succeeding the initial assessment year or until the interest referred to in sub-section (1) is paid by the assessee in full, whichever is earlier. (3) For..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Donations to Certain Funds, Charitable Institutions, Etc.
State : Central
Year : 1961
(1) In computing the total income of an assessee, there shall be deducted, in accordance with and subject to the provisions of this section, (i) in case where the aggregate of the sums specified in sub-section (2) includes any sum or sums of the nature specified 1[in sub-clause (i) or in sub-clause (iiia)] or in sub-clause (iiiaa) or in sub-clause (iiiab) or in sub-clause (iiie) or in sub-clause (iiif) or in sub-clause (iiig) 2[or in sub-clause (iiiga)] or sub-clause (iiih) or sub-clause (iiiha) or sub-clause (iiihb) or sub-clause (iiihc) or sub-clause (iiihd)] or sub-clause (iiihe) or sub-clause (iiihf) 3[or sub-clause (iiihg) or sub-clause (iiihh)] 4[or sub-clause (iiihi)] 5[or sub-clause (iiihj)] or in sub-clause (vii) of clause (a) 6[or in clause (c)] 2[or in clause (d)] thereof,..... View Complete Act List Judgments citing this section