Title : Treatment of Common Costs
State : Central
Year : 1961
(1) Where a tonnage tax company also carries on any business or activity other than the tonnage tax business, common costs attributable to the tonnage tax business shall be determined on a reasonable basis. (2) Where any asset, other than a qualifying ship, is not exclusively used for the tonnage tax business by the tonnage tax company, depreciation on such asset shall be allocated between its tonnage tax business and other business on a fair proportion to be determined by the Assessing Officer, having regard to the use of such asset for the purpose of the tonnage tax business and for the other business. View Complete Act List Judgments citing this sectionTitle : Income-tax Authorities
State : Central
Year : 1961
There shall be the following classes of income-tax authorities for the purposes of this Act, namely : (a) The Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963), (b) Directors General of Income-tax or Chief Commissioners of Income-tax, (c) Directors of Income-tax or Commissioners of Income-tax or Commissioners of Income-tax (Appeals), (cc) Additional Directors of Income-tax or Additional Commissioners of Income-tax or Additional Commissioners of Income-tax (Appeals), 1[(cca) Joint Directors of Income-tax or Joint Commissioners of Income tax,] (d) Deputy Directors of Income-tax or Deputy Commissioners of Income-tax or Deputy Commissioners of Income-tax (Appeals), (e) Assistant Directors of Income-tax or Assistant..... View Complete Act List Judgments citing this sectionTitle : Liability for Payment of Advance Tax
State : Central
Year : 1961
Tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219 (both inclusive), in respect of the total income of the assessee which would be chargeable to tax for the assessment year immediately following that financial year, such income being hereafter in this Chapter referred to as current income. View Complete Act List Judgments citing this sectionTitle : Short Title, Extent and Commencement
State : Central
Year : 1957
(1) This Act may be called the Wealth-Tax Act, 1957. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 1st day of April, 1957. View Complete Act List Judgments citing this sectionTitle : Abetment of False Return, Etc.
State : Central
Year : 1957
If a person abets or induces in any manner another person to make and deliver an account, statement or declaration relating to any net wealth chargeable to tax which is false and which he either knows to be false or does not believe to be true or to commit an offence under sub-section (1) of section 35A, he shall be punishable, (i) in a case where the amount of tax, penalty or interest, which would have been evaded, if the declaration, account or statement had been accepted as true, or which is wilfully attempted to be evaded, exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine; (ii) in any other case, with rigorous imprisonment for a term which shall not be less than..... View Complete Act List Judgments citing this sectionTitle : Rounding off of Tax, Etc.
State : Central
Year : 1957
The amount of wealth-tax, interest, penalty, fine or any other sum payable, and the amount of refund due, under the provisions of this Act, shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee, and if such part is less than fifty paise, it shall be ignored.] View Complete Act List Judgments citing this sectionTitle : Unrealised Rent Received Subsequently to Be Charged to Income-tax
State : Central
Year : 1961
1[Where the assessee cannot realise rent from a property let to a tenant and subsequently the assessee has realised any amount in respect of such rent, the amount so realised shall be deemed to be income chargeable under the head Income from house property and accordingly charged to income-tax as the income of that previous year in which such rent is realised whether or not the assessee is the owner of that property in that previous year.] ______________________ 1. Inserted by the Finance Act, 2001, with effect from 1st April, 2002. View Complete Act List Judgments citing this sectionTitle : Unexplained Investments
State : Central
Year : 1961
Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year. View Complete Act List Judgments citing this sectionTitle : Unexplained Money, Etc.
State : Central
Year : 1961
Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery, or other valuable article may be deemed to be the income of the assessee for such financial year. View Complete Act List Judgments citing this sectionTitle : Amount of Investments, Etc., Not Fully Disclosed in Books of Account
State : Central
Year : 1961
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 Assessing 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 Assessing Officer, satisfactory, the excess amount may be deemed to be the income of the assessee for such financial year. View Complete Act List Judgments citing this section