Bare Act Search Results

Finance Act, 2012, (Central) Section 4

Title: Amendment of Section 9

State: Central

Year: 2012

In section 9 of the Income-tax Act, in sub-section (1),-- (a) in clause (1), after Explanation 3, the following Explanations shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1962, namely:-- 'Explanation 4.--For the removal of doubts, it is hereby clarified that the expression "through" shall mean and include and shall be deemed to have always meant and included ''by means of", "in consequence of" or "by reason of". Explanation 5.--For the removal of doubts, it is hereby clarified that an asset or a capital asset being any share or interest in a company or entity registered or incorporated outside India shall be deemed to be and shall always be deemed to have been situated in India, if the share or interest derives, directly or indirectly, its value substantially from the assets located in India.'; (b) in clause (vi), after Explanation 3, the following Explanations shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 1976, namely:-- 'Explanation 4.--For the removal of doubts, it is hereby clarified that the transfer of all or any rights in respect of any right, property or.....

Finance Act, 2012, (Central) Section 3

Title: Amendment of Section 2

State: Central

Year: 2012

.....be inserted with effect from the 1st day of April, 2013, namely:-- "(xvi) any consideration received for issue of shares as exceeds the fair market value of the shares referred to in clause (viib) of sub-section (2) of section 56;] (iv) in clause (47), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1962, namely:-- 'Explanation 2.--For the removal of doubts, it is hereby clarified that "transfer" includes and shall be deemed to have always included disposing of or parting with an asset or any interest therein, or creating any interest in any asset in any manner whatsoever, directly or indirectly, absolutely or conditionally, voluntarily or involuntarily, by way of an agreement (whether entered into in India or outside India) or otherwise, notwithstanding that such transfer of rights has been characterised as being effected or dependent upon or flowing from the transfer of a share or shares of a company registered or incorporated outside India;'.

Finance Act, 2012, (Central) Section 75

Title: Amendment of Section 195

State: Central

Year: 2012

.....in sub-section (1),-- (i) for the words "any interest", the words, brackets, figures and letters "any interest (not being interest referred to in section 194LB or section 194LC)" shall be substituted; (ii) the Explanation shall be numbered as Explanation 1 thereof, and after Explanation 1 as so numbered, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1962, namely:-- "Explanation 2.--For the removal of doubts, it is hereby clarified that the obligation to comply with sub-section (1) and to make deduction thereunder applies and shall be deemed to have always applied and extends and shall be deemed to have always extended to all persons, resident or non-resident, whether or not the non-resident person has-- (i) a residence or place of business or business connection in India; or (ii) any other presence in any manner whatsoever in India."; (b) after sub-section (6), the following sub-section shall be inserted with effect from the 1st day of July, 2012, namely:-- "(7) Notwithstanding anything contained in sub-section (1) and sub-section (2), the Board may, by notification in the Official.....

Finance Act, 2012, (Central) Section 142

Title: Amendment of Chapter Notes to Chapter 54 of First Schedule

State: Central

Year: 2012

.....2010, namely: "1A. Notwithstanding anything contained in Note 1, man-made fibre such as polyester staple fibre and polyester filament yarn manufactured from plastic and plastic waste including waste polyethylene terephthalate bottles shall be classified as textile material under Chapter 54 or Chapter 55, as the case may be.". (2) Any action taken or anything done or purported to have been taken or done for recovery of duty of excise at any time during the period commencing on and from the 29th day of June, 2010 and ending with the date on which the Finance Act, 2012 receives the assent of the President (hereafter in this section referred to as the "specified period"), shall be deemed to be, and always to have been, for all purposes, as validly and effectively taken or done as if the amendment made by sub-section (1) had been in force at all material times and, accordingly, notwithstanding any judgment, decree or order of any court, tribunal or other authority (a) all duties of excise levied, assessed or collected during the specified period on such goods shall be deemed to be and always to have been, as validly levied, assessed or collected as if the amendment made by.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 4

Title: Amendment of Section 9

State: Central

Year: 2012

In section 9 of the principal Act, after clause (f), the following clause shall be inserted, namely:-- "(g) to convert any portion of debt into shares of a borrower company: Provided that conversion of any part of debt into shares of a borrower company shall be deemed always to have been valid, as if the provisions of this clause were in force at all material times.".

Finance Act, 2012, (Central) Section 60

Title: Amendment of Section 144c

State: Central

Year: 2012

In section 144C of the Income-tax Act,-- (a) in sub-section (4), for the words and figures "in section 153", the words, figures and letter "in section 153 or section 153B" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of October, 2009; (b) after sub-section (8), the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2009, namely:-- "Explanation.--For the removal of doubts, it is hereby declared that the power of the Dispute Resolution Panel to enhance the variation shall include and shall be deemed always to have included the power to consider any matter arising out of the assessment proceedings relating to the draft order, notwithstanding that such matter was raised or not by the eligible assessee."; (c) in sub-section (13), for the words and figures "in section 153", the words, figures and letter "in section 153 or section 153B" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of October, 2009; (d) after sub-section (14), the following sub-section shall be inserted with effect from the 1st day of April,.....

Finance Act, 2012, (Central) Section 113

Title: Validation of Demand, Etc., Under Income Tax Act, 1961 in Certain Cases

State: Central

Year: 2012

.....shall be valid and shall be deemed always to have been valid and shall not be called in question on the ground that the tax was not chargeable or any ground including that it is a tax on capital gains arising out of transactions which have taken place outside India, and accordingly, any tax levied, demanded, assessed, imposed or deposited before the commencement of this Act and chargeable for a period prior to such commencement but not collected or recovered before such commencement, may be collected or recovered and appropriated in accordance with the provisions of the Income-tax Act, 1961 as amended by this Act, and the rules made thereunder and there shall be no liability or obligation to make any refund whatsoever.

Finance Act, 2012, (Central) Section 144

Title: Amendment of Rule 6 of Cenvat Credit Rules, 2004

State: Central

Year: 2012

.....court, tribunal or other authority, any action taken or anything done or purported to have been taken or done, on and from the 10th day of February, 2006, relating to the provisions as amended by sub-section (1), shall be deemed to be and deemed always to have been, for all purposes, as validly and effectively taken or done as if the amendments made by sub-section (1) had been in force at all material times. (3) For the purpose of sub-section (1), the Central Government shall have and shall be deemed to have the power to make rules with retrospective effect as if the Central Government had the power to make rules under section 37 of the Central Excise Act, 1944(1 of 1944), retrospectively, at all material times.

Finance Act, 2012, (Central) Section 145

Title: Validation of Exemption Given to Club or Association Including Cooperative Societies in Relation to Project

State: Central

Year: 2012

.....the whole of service tax leviable under section 66 thereof, on the club or association service referred to in sub-clause (zzze) of clause (105) of section 65 of the said Act, provided by a club or an association including registered cooperative societies, in relation to the project, shall be deemed to have, and deemed always to have, for all purposes, validly come into force on and from the 16th day of June, 2005, at all material times. (2) Refund shall be made of all such service tax which has been collected but which would not have been so collected as if the notification referred to in sub-section (1) had been in force at all material times. (3) Notwithstanding anything contained in the Finance Act, 1994(32 of 1994), an application for the claim of refund of service tax shall be made within six months from the date on which the Finance Act, 2012 receives the assent of the President. Explanation. For the removal of doubts, it is hereby declared that, (i) project means common facility set-up for treatment and recycling of effluents and solid wastes, with financial assistance from the Central Government or a State Government; (ii) the provisions of section 11B of the.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 Complete Act

State: Central

Year: 2012

.....or satisfaction thereof, the order shall not prejudice any rights acquired in respect of the property concerned or financial asset before the transaction is actually registered.". 10. Substitution of new Section for Section 30." For Section 30 of the principal Act, the following Section shall be substituted, namely" "30. Cognizance of offences."( 1 ) No court shall take cognizance of any offence punishable under Section 27 in relation to non-compliance with the provisions of Section 23, Section 24 or Section 25 or under Section 28 or Section 29 or any other provisions of the Act, except upon a complaint in writing made by an officer of the Central Registry or an officer of the Reserve Bank, generally or specially authorised in writing in this behalf by the Central Registrar or, as the case may be, the Reserve Bank. ( 2 ) No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act.". 11. Insertion of new Section 31-A." After Section 31.....