Title : Amendment of Section 10
State : Central
Year : 1970
In section 10 of the Income-tax Act, - (a) after clause (20), the following clause shall be, and shall be deemed always to have been, inserted, namely :- "(20A) any income of an authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both;"; (b) after clause (22), the following clause shall be inserted, namely :- "(22A) any income of a hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 16
State : Central
Year : 1970
In section 16 of the Income-tax Act, for clause (iv), the following clause shall be substituted with effect from the 1st day of April, 1971, namely :- "(iv) where the assessee is not in receipt of a conveyance allowance, whether as such or as part of his salary, in respect of expenditure on travelling for the purposes of his employment, a sum calculated in respect of each calendar month or part thereof comprised in the period of his employment during the previous year, on the basis provided hereunder, namely :- (a) where the assessee owns a motor car which is used for the purposes of his employment Rs. 200; (b) where the assessee owns a motor cycle, scooter or other moped which is used for the purposes of his employment Rs. 60; (c)..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 37
State : Central
Year : 1970
In section 37 of the Income-tax Act, - (a) in the Explanation to sub-se'ction (2A), for the words "For the purposes of this sub-section", the words, brackets, figure and letter "For the purposes of this sub-section and sub-section (2B)" shall be substituted; (b) after sub-section (2A), the following sub-section shall be inserted, namely :- "(2B) Notwithstanding anything contained in this section, no allowance shall be made in respect of expenditure in the nature of entertainment expenditure incurred within India by any assessee after the 28th day of February, 1970."; (c) after sub-section (3), the following sub-section shall be inserted, namely :- (4) Notwithstanding anything contained in sub-section (1) or sub-section (3), - (i) no allowance shall be made in respect of any..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 116
State : Central
Year : 1970
In section 116 of the Income-tax Act, for clause (c), the following clause shall be substituted, namely :- "(c) Commissioners of Income-tax and Additional Commissioners of Income-tax,". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 193
State : Central
Year : 1970
In section 193 of the Income-tax Act, in the proviso, after clause (ii), the following clauses shall be inserted, namely :- "(iia) any interest payable on 7-Year National Savings Certificates (IV Issue); or (iib) any interest payable on such debentures, issued by any co-operative society (including a co-operative land mortgage bank or a co-operative land development bank) or any other institution or authority, as the Central Government may, by notification in the Official Gazette, specify in this behalf; or". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 35b
State : Central
Year : 1970
In section 35B of the Income-tax Act, in sub-section (1), for sub-clause (iii) of clause (b), the following sub-clause shall be, and shall be deemed always to have been, substituted, namely :- "(iii) distribution, supply or provision outside India of such goods, services or facilities, not being expenditure incurred in India in connection therewith or expenditure (wherever incurred) on the carried of such goods to their destination outside India or on the insurance of such goods while in transit;". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 36
State : Central
Year : 1970
In section 36 of the Income-tax Act, in clause (viii) of sub-section (1), the following Explanation shall be deemed to have been inserted at the end with effect from the 1st day of April, 1966, namely :- "Explanation : For the removal of doubts, it is hereby declared that in the case of a financial corporation to which sub-clause (a) applies, if the amount carried to the reserve account referred to in this clause in the accounts of the previous year relevant to the assessment year commencing on the 1st day April, 1966, falls short of twenty-five per cent. of the total income and the amount transferred to such reserve account in the accounts of the immediately succeeding previous year exceeds the amount in respect of which the corporation is entitled to the deduction under this clause..... View Complete Act List Judgments citing this sectionTitle : Amendment of Chapter Iv-e Relating to Capital Gains
State : Central
Year : 1970
In Chapter IV-E of the Income-tax Act, - (a) in section 45, for the words and figures "sections 53 and 54", the words, figures and letter "sections 53, 54 and 54B" shall be substituted; (b) in section 47, after clause (vii), the following clause shall be inserted, namely :- "(viii) any transfer of agricultural land in India effected before the 1st day of March, 1970."; (c) after section 54A, the following section shall be inserted, namely :- "54B. Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases. - Where the capital gain arises from the transfer of a capital asset being land which, in the two years immediately preceding the date on which the transfer took place, was being used by the assessee or a parent of his for agricultural..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80mm
State : Central
Year : 1970
In section 80MM of the Income-tax Act, in sub-section (1), for the portion beginning with the words "under an agreement" and ending with the words "total income of the assessee", the following shall be substituted, namely :- "under an agreement entered into by the assessee with such person on or after the 1st day of April, 1969, and approved by the Central Government in this behalf, there shall be allowed a deduction from such income of an amount equal to forty per cent. thereof, in computing the total income of the assessee : Provided that the application for such approval is made to the Central Government before the 1st day of October of the relevant assessment year.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 117
State : Central
Year : 1970
In section 117 of the Income-tax Act, in sub-section (1), after the words "Directors of Inspection, Commissioners of Income-tax,", the words "Additional Commissioners of Income-tax," shall be inserted. View Complete Act List Judgments citing this section