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Finance Act 1965 Section 2

Title: Income Tax

State: Central

Year: 1965

.....amount of such profits and gains included in the total income; (ii) where an assessee of the type referred to in sub clause (i) engaged in the manufacture of any articles in an industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951), has during the previous year exported such articles out of India, he shall be entitled, in addition to the deduction of income tax referred to in sub clause (i), to a further deduction, from the amount of income tax with which he is chargeable for the assessment year, of an amount equal to the income tax calculated at the average rate of income tax on an amount equal to two per cent. of the sale proceeds receivable by him in respect of such export; (iii) where an assessee of the type referred to in sub clause (i) engaged in the manufacture of any articles in an industry specified in the said First Schedule has, during the previous year, sold such articles to any other person in India who himself has exported them out of India and evidence is produced before the Income tax Officer of such articles having been so exported, the assessee shall be entitled to a deduction, from the amount of income.....

Finance Act, 1965 Complete Act

State: Central

Year: 1965

.....he has failed to disclose in a return of income for any assessment year filed by him before the 1st day of March, 1965,under the Indian Income-tax Act, 1922,or the Income-tax Act, 1961-, or (b) which has escaped assessment for any assessment year for which an assessment has been made before the 1st day of March, 1965, under either of the said Acts, or (c) for the assessment of which no proceeding under either of the said Acts has been taken before the 1st day of March, 1965, he shall, notwithstanding anything contained in the said Acts, be charged income-tax at the rate specified in sub-section (3) in respect of the amount so declared if he. - (i) pays the amount of income-tax as computed at the said rate, or (ii) furnishes adequate security for the payment thereof in accordance with sub -section (4) and undertakes to pay such income-tax within a period, not exceeding six months, from the date of the declaration as may be specified by him therein, or (iii) on or before the 31st day of May, 1965, pays such amount as is not less than one -half of the amount of income-tax as computed at the said rate or furnishes adequate security for the payment thereof in accordance with.....