Title : Insertion of New Section 40a
State : Central
Year : 1968
After section 40 of the Income-tax Act, the following section shall be inserted, namely :- 40A. Expenses or payments not deductible in certain circumstances. - (1) The provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this Act relating to the computation of income under the head "Profits and gains of business or profession". (2)(a) Where the assessee incurs any expenditure in respect of which payment has been or is to be made to any person referred to in clause (b) of this sub-section, and the Income-tax Officer is of opinion that such expenditure is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for which the payment is made or the legitimate needs of the..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 141a
State : Central
Year : 1968
After section 141 of the Income-tax Act, the following section shall be inserted, namely :- "141A. Provisional assessment for refund. - (1) Where a return has been furnished under section 139 and the assessee claims that the tax paid or deemed to have been paid under the provisions of Chapter XVII-B or Chapter XVII-C exceeds the tax payable on the basis of the return and the accounts and documents accompanying it, the Income-tax Officer may, if he is of opinion that the regular assessment of the assessee is likely to be delayed, proceed to make, in a summary manner, a provisional assessment of the sum refundable to the assessee, on the basis of such return, accounts and documents. (2) In making any assessment under this secti\on due effect shall be given to - (a) the allowance..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 280z
State : Central
Year : 1968
In section 280Z of the Income-tax Act, for sub-section (6), the following sub-section shall be substituted namely :- "(6) The amount shown on a tax credit certificate granted to as individual or Hindu undivided family shall, on the certificate being produced before the Income-tax Officer, be adjusted against any liability of such individual or Hindu undivided family under the Indian Income-tax Act, 1922, (11 of 1922), or this Act, existing on the date on which the certificate was produced before the Income-tax Officer and where the amount of such certificate exceeds such liability, or where there is no such liability, the excess or the whole of such amount, as the case may be, shall, notwithstanding anything contained in Chapter XIX, be deemed, on the said date, to be refund due to..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 280zb
State : Central
Year : 1968
In section 280ZB of the Income-tax Act, in sub-section (2), for the portion beginning with the words "The amount shown on a tax credit certificate" and ending with the words "shall apply accordingly :", the following shall be substituted, namely :- "The amount shown on a tax credit certificate granted to any company under this section shall, on the certificate being produced before the Income-tax Officer, be adjusted against any liability of the company under the Indian Income-tax Act, 1922 (11 of 1922), or this Act, existing on the date on which the certificate was produced before the Income-tax Officer and where the amount of such certificate exceeds such liability, or where there is no such liability, the excess or the whole of such amount, as the case may be, shall,..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 280zd
State : Central
Year : 1968
In section 280ZD of the Income-tax Act, in sub-section (5), for the portion beginning with the words "The amount shown on a tax credit certificate" and ending with the words "shall apply accordingly :", the following shall be substituted, namely :- "The amount shown on a tax credit certificate granted to any person under this section shall, on the certificate being produced before the income-tax Officer, be adjusted against any liability of that person under the Indian Income-tax Act, 1922 (11 of 1922), or this Act, existing on the date on which the certificate was produced before the Income-tax Officer and where the amount of such certificate exceeds such liability, or where there is no such liability, the excess or the whole of such amount, as the case may be, shall, notwithstanding..... View Complete Act List Judgments citing this sectionTitle : Amendment of Act 1 of 1944
State : Central
Year : 1968
In the Central Excises and Salt Act, 1944 (hereinafter referred to as the Central Excises Act), - (1) in section 37, after sub-section (3), the following sub-section shall be inserted, namely :- "(4) Notwithstanding anything contained in sub-section (3), and without prejudice to the provisions of section 9, in making rules under this section, the Central Government may provide that if any manufacturer, producer or licensee of a warehouse - (a) removes any excisable goods in contravention of the provisions of any such rule, or (b) does not account for all such goods manufactured, produced or stored by him, or (c) engages in the manufacture, production or storage of such goods without having applied for the licence required under section 6, or (d) contravenes the provisions of..... View Complete Act List Judgments citing this sectionTitle : Definitions
State : Central
Year : 1968
In this Act, unless the context otherwise requires, -- (a) "appointed day" means the 1st day of October, 1968; (b) "assembly constituency," "council constituency" and "parliamentary constituency" have the same meaning as in the Representation of the People Act, 1950; (c) "sitting member", in relation to either House of Parliament or of the Legislature of a State means a person who, immediately before the appointed day, is a member of that House; (d) "transferred territory" means the territory specified in the Schedule and transferred from the State of Mysore to the State of Andhra Pradesh by section 3. View Complete Act List Judgments citing this sectionTitle : Definitions
State : Central
Year : 1968
In this Act, unless the context otherwise requires, (a) "Act" means an Act or the Ordinance specified in the Schedule; (b) "Administrator" means the administrator of Pondicherry appointed by the President under Art. 239 of the Constitution; (c) "Pondicherry" means the Union Territory of Pondicherry. View Complete Act List Judgments citing this sectionTitle : Income-tax
State : Central
Year : 1999
View Complete Act List Judgments citing this sectionTitle : Amendment of Section 280za
State : Central
Year : 1968
In section 280ZA of the Income-tax Act, for sub-section (3), the following sub-section shall be substituted namely :- "(3) The amount shown on a tax credit certificate granted to a public company under this section shall, on the certificate being produced before the Income-tax Officer, be adjusted against any liability of the company under the Indian Income-tax Act, 1922 (11 of 1922), or this Act, existing on the date of which the certificate was produced before the Income-tax Officer and where the amount of such certificate exceeds such liability, or where there is no such liability, the excess or the whole of such amount, as the case may be, shall, notwithstanding anything contained in Chapter XIX, be deemed, on the said date, be refund due to such company under that Chapter and the..... View Complete Act List Judgments citing this section