Title : Deduction in Respect of Certain Incomes of Offshore Banking Units
State : Central
Year : 1961
1[(1) Where the gross total income of an assessee, - (i) being a scheduled bank, or, any bank incorporated by or under the laws of a country outside India; and having an Offshore Banking Unit in a Special Economic Zone; or (ii) being a Unit of an International Financial Services Centre, includes any income referred to in sub-section (2), there shall be allowed, in accordance with and subject to the provisions of this section, a deduction from such income, of an amount equal to - (a) one hundred per cent of such income for five consecutive assessment years beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or permission or registration under..... View Complete Act List Judgments citing this sectionTitle : Special Provisions Relating to Certain Companies
State : Central
Year : 1961
(1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee being a company (other than a company engaged in the business of generation or distribution of electricity), the total income, as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 1988 but before the 1st day of April, 1991 (hereafter in this section referred to as the relevant previous year), is less than thirty per cent of its book profit, the total income of such assessee chargeable to tax for the relevant previous year shall be deemed to be an amount equal to thirty per cent of such book profit. (1A) Every assessee, being a company, shall, for the purposes of this section, prepare its profit..... View Complete Act List Judgments citing this sectionTitle : Special Provision for Payment of Tax by Certain Companies
State : Central
Year : 1961
1(1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after 2[22[the 1st day of April, 2011]] is less than 4[23[eighteen per cent]] of its book profit, 6[such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of 4[23[eighteen per cent]]. (2) Every assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule..... View Complete Act List Judgments citing this sectionTitle : Interest Payable for Non-payment of Tax
State : Central
Year : 1961
Where the person responsible for making payment of the income distributed by the 1[specified company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) or a Mutual Fund and the specified company] or the Mutual Fund, as the case may be, fails to pay the whole or any part of the tax referred to in sub-section (1) or sub-section (2) of section 115R, within the time allowed under sub-section (3) of that section, he or it shall be liable to pay simple interest at the rate of 2[one per cent] every month or part thereof on the amount of such tax for the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid. ..... View Complete Act List Judgments citing this sectionTitle : Unit Trust of India or Mutual Fund to Be an Assessee in Default
State : Central
Year : 1961
If any person responsible for making payment of the income distributed by the 1[specified company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) or a Mutual Fund and the specified company] or the Mutual Fund, as the case may be, does not pay tax, as is referred to in sub-section (1) or sub-section (2) of section 115R, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisions of this Act for the collection and recovery of income-tax shall apply. Explanation : For the purposes of this Chapter, (a) Mutual Fund means a Mutual Fund specified under clause (23D) of section 10 ; (b) 2[***] equity-oriented fund means (i) the Unit..... View Complete Act List Judgments citing this sectionTitle : Power Regarding Discovery, Production of Evidence, Etc.
State : Central
Year : 1961
131. Power regarding discovery, production of evidence, etc. (1) The Assessing Officer, Deputy Commissioner (Appeals), 1[Joint Commissioner], Commissioner (Appeals) 2[Chief Commissioner or Commissioner and the Dispute Resolution Panel referred to in clause (a) of sub-section (15) of section 144C] shall, for the purposes of this Act, have the same powers as are vested in a court under the Code of Civil Procedure, 1908 (5 of 1908), when trying a suit in respect of the following matters, namely : (a) discovery and inspection ; (b) enforcing the attendance of any person, including any officer of a banking company and examining him on oath ; (c) compelling the production of books of account and other documents; and (d) issuing commissions. (1A) If the Director General or Director..... View Complete Act List Judgments citing this sectionTitle : Search and Seizure
State : Central
Year : 1961
(1) 1[Where the Director General or Director or the Chief Commissioner or Commissioner or Additional Director or Additional Commissioner] 2[or Joint Director or Joint Commissioner] as may be empowered in this behalf by the Board, in consequence of information in his possession, has reason to believe that - (a) any person to whom a summons under sub-section (1) of section 37 of the Indian Income-tax Act, 1922 (11 of 1922), or under sub-section (1) of section 131 of this Act, or a notice under sub-section (4) of section 22 of the Indian Income-tax Act, 1922 (11 of 1922), or under sub-section (1) of section 142 of this Act was issued to produce, or cause to be produced, any books of account or other documents has omitted or failed to produce, or cause to be produced, such books of..... View Complete Act List Judgments citing this sectionTitle : Powers to Requisition Books of Account, Etc.
State : Central
Year : 1961
(1) 1Where the Director General or Director or the Chief Commissioner or Commissioner, in consequence of information in his possession, has reason to believe that - (a) any person to whom a summons under sub-section (1) of section 37 of the Indian Income-tax Act, 1922 (11 of 1922), or under sub-section (1) of section 131 of this Act, or a notice under sub-section (4) of section 22 of the Indian Income-tax Act, 1922 (11 of 1922), or under sub-section (1) of section 142 of this Act was issued to produce, or cause to be produced, any books of account or other documents has omitted or failed to produce, or cause to be produced, such books of account or other documents, as required by such summons or notice and the said books of account or other documents have been taken into custody by..... View Complete Act List Judgments citing this sectionTitle : Inquiry Before Assessment
State : Central
Year : 1961
(1) For the purpose of making an assessment under this Act, the Assessing Officer may serve on any person who has made a return 1[under section 115WD or section 139 or in whose case the time allowed under sub-section (1) of section 139] for furnishing the return has expired a notice requiring him, on a date to be therein specified, - (i) where such person has not made a return 2[within the time allowed under sub-section (1) of section 139 or before the end of the relevant assessment year], to furnish a return of his income or the income of any other person in respect of which he is assessable under this Act, in the prescribed form3 and verified in the prescribed manner3 and setting forth such other particulars as may be prescribed3, or 4[Provided that where any notice has been..... View Complete Act List Judgments citing this sectionTitle : Best Judgment Assessment
State : Central
Year : 1961
(1) If any person - (a) fails to make the return required under sub-section (1) of section 139 and has not made a return or a revised return under sub-section (4) or sub-section (5) of that section, or (b) fails to comply with all the terms of a notice issued under sub-section (1) of section 142 or fails to comply with a direction issued under sub-section (2A) of that section, or (c) having made a return, fails to comply with all the terms of a notice issued under sub-section (2) of section 143, the Assessing Officer, after taking into account all relevant material which the Assessing Officer has gathered, shall, after giving the assessee an opportunity of being heard, make the assessment of the total income or loss to the best of his judgment and determine the sum payable by..... View Complete Act List Judgments citing this section