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Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Complete Act

Title: Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed]

State: Central

Year: 1981

Preamble1 - SPECIAL BEARER BONDS (IMMUNITIES AND EXEMPTIONS) ACT, 1981 Section1 - Short title, extent and commencement Section2 - Definition Section3 - Immunities Section4 - Acquisition, etc., of bonds not to be taken into account for certain proceedings Section5 - Amendment of Act 43 of 1961 Section6 - Amendment of Act 27 of 1957 Section7 - Amendment of Act 18 of 1958 Section8 - Power to remove difficulties Section9 - Repeal and saving Repealing Act1 - DIRECT-TAX LAWS (MISCELLANEOUS) REPEAL ACT, 2000

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Preamble 1

Title: Special Bearer Bonds (Immunities and Exemptions) Act, 1981

State: Central

Year: 1981

THE SPECIAL BEARER BONDS (IMMUNITIES AND EXEMPTIONS) ACT, 1981 [Act, No. 7 of 1981] PREAMBLE An Act to provide for certain immunities to holders of Special Bearer Bonds, 1991 and for certain exemptions from direct taxes in relation to such bonds and for matters connected therewith WHEREAS for effective economic and social planning it is necessary to canalize for productive purposes black money which has become a serious threat to the national economy; AND WHEREAS with a view to such canalisation the Central Government has decided to issue at par certain bearer bonds to be known as the Special Bearer Bonds, 1991, of the face value of ten thousand rupees and redemption value, after ten years, of twelve thousand rupees; AND WHEREAS it is expedient to provide for certain immunities and exemptions to render it possible for persons in possession of black money to invest thesame in the said Bonds; BE it enacted by Parliament in the Thirty-second Year of the Republic of India as follows:

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 Complete Act

State: Central

Year: 1981

.....against any such person under any law on the ground that such person has subscribed to, or has otherwise acquired, the bonds. It makes the fact of subscription to, or acquisition of the bonds inadmissible in evidence in any proceedings relating to any offence or imposition of any penalty under any such law. These immunities have been made subject to an exception in relation to prosecution for certain offences relating to property or prevention of corruption. The ordinance also provides that the acquisition of the bonds shall not be taken into account for the purpose of any proceedings under the Income-tax Act, 1961,the Wealth-tax Act, 1957andthe Gift-tax Act, 1958. The bonds themselves have been exempted from Wealth-tax. The premium payable on the redemption of the bonds has been exempted from income-tax. It has also been provided that transfer of the bonds will not attract any liability to capital gains tax or gift-tax. 3. The Bill seeks to replace the aforesaid Ordinance.-see Gaz. of India. 2-3-1981, Pt. II- S. 2. Ext.,p. 160. An Act to provide for certain immunities to holders of Special Bearer Bonds, 1991 and for certain exemptions from direct taxes in relation to.....

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Repealing Act 1

Title: Direct-tax Laws (Miscellaneous) Repeal Act, 2000

State: Central

Year: 1981

..... 2. Repeal of certain enactments The enactments specified in the Schedule are hereby repealed. 3. Savings (1) The repeal by this Act of any enactment shall not-- (a) affect any other enactment in which the repealed enactment has been applied, incorporated or referred to; (b) affect the validity, invalidity effect or consequences of anything already done or suffered, or any right, title, in immunity, obligation or liability already acquired, accrued or incurred, or any remedy or proceeding in respect thereof, or any release or discharge of or from any debt, penalty, obligation, liability, claim or demand, or any indemnity already granted, or the proof of any past act or thing; (c) affect any principle or rule of law, or established jurisdiction, form or course of pleading, practice or procedure, or existing usage, custom, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed or recognised or derived by, in or from any enactment hereby repealed; (d) revive or restore any jurisdiction, office, custom, liability, right, title, restriction, exemption,.....

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Section 1

Title: Short Title, Extent and Commencement

State: Central

Year: 1981

(1) This Act may be called the Special Bearer Bonds (Immunities and Exemptions) Act, 1981. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 12th day of January, 1981.

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Section 9

Title: Repeal and Saving

State: Central

Year: 1981

(1) The Special Bearer Bonds (Immunities and Exemptions) Ordinance, 1981 (1 of 1981), is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act.

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Section 3

Title: Immunities

State: Central

Year: 1981

.....acquired Special Bearer Bonds; and (c) the fact that a person has subscribed to or has otherwise acquired Special Bearer Bonds shall not be taken into account and shall be inadmissible as evidence in any proceedings relating to any offence or the imposition of any penalty under any such law. (2) Nothing in sub-section (1) shall apply in relation to prosecution for any offence punishable under Chapter IX or Chapter XVII of the Indian Penal Code (45 of 1860), the Prevention of Corruption Act, 1947 (2 of 1947), or any offence which is punishable under any other law and which is similar to an offence punishable under either of those Chapters or under that Act or for the purpose of enforcement of any civil liability. Explanation.-- For the purposes of this sub-section, "civil liability" does not include liability by way of tax under any law for the time being in force.

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Section 2

Title: Definition

State: Central

Year: 1981

In this Act, "Special Bearer Bonds" means the Special Bearer Bonds, 1991, issued by the Central Government.

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Section 4

Title: Acquisition, Etc., of Bonds Not to Be Taken into Account for Certain Proceedings

State: Central

Year: 1981

.....not be taken into account for the purpose of any proceedings under the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), the Wealth-lax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act), or the Gift-tax Act, 1958 (18 of 1958) (hereinafter referred to as the Gift-tax Act) and, in particular, no person who has subscribed to, or has otherwise acquired, the said Bonds shall be entitled-- (a) to claim any set off or relief in any assessment, reassessment, appeal, reference or other proceeding under the Income-tax Act or to reopen any assessment or reassessment made under that Act on the ground that he has subscribed to or has otherwise acquired the said Bonds; (b) to claim, in relation to any period before the date of maturity of the said Bonds, that any asset which is includible in his net wealth for any assessment year under the Wealth-tax Act has been converted into the said Bonds; or (c) to claim, in relation to any period before the date of maturity of the said Bonds, that any asset held by him or any sum credited in his books of account or otherwise held by him represents the consideration received by him for the.....

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Section 5

Title: Amendment of Act 43 of 1961

State: Central

Year: 1981

In the Income-tax Act-- (a) in section 2, in clause (14), after sub-clause (iv), the following sub-clause shall be inserted, namely:-- "(v) Special Bearer Bonds, 1991, issued by the Central Government;"; (b) in section 10, in clause (15), after sub-clause (ia), the following sub-clause shall be inserted, namely:-- "(ib) premium on the redemption of Special Bearer Bonds, 1991;".