Title : Substitution of New Section for Section 130
State : Central
Year : 1970
For section 130 of the Income-tax Act, the following section shall be substituted, namely :- "130. Commissioner competent to perform any function or functions. - (1) In respect of any function to be performed by a Commissioner under any provision of this Act in relation to an assessee, the Commissioner referred to therein shall, - (a) in a case where only one Commissioner has jurisdiction over such assessee, be such Commissioner; (b) in a case where two or more Commissioner have concurrent jurisdiction over such assessee, be the Commissioner empowered to perform such function by the Board. (2) Subject to the provisions of sub-section (1), for the purposes of Sections 253, 254, 256, 263 and 264, the Commissioner referred to therein shall, in relation to an assessee, be the..... View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 164
State : Central
Year : 1970
For section 164 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1971, namely :- "164. Charge of tax where share of beneficiaries unknown. -(1) Subject to the provisions of sub-sections (2) and (3), where any income in respect of which the persons mentioned in clause (iii) and (iv) of sub-section (1) of section 160 are liable as representative assessees or any part thereof is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable are indeterminate or unknown (such income, such part of the income and such persons being hereafter in this section referred to as "relevant income", "part..... View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 80-l
State : Central
Year : 1970
For section 80-L of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1971, namely : "80-L. Deductions in respect of interest on certain securities, dividends, etc. - (1) Where the gross total income of an assessee includes any income by way of - (i) interest on any security of the Central Government or a State Government (not being interest payable under Section 280-D in respect of any annuity deposit made under Chapter XXII-A); (ii) interest 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; (iii)..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 194a
State : Central
Year : 1970
In section 194A of the Income-tax Act, in sub-section (3), after clause (v), the following clauses shall be inserted, namely :- "(vi) to such income credited or paid in respect of deposits under any scheme framed by the Central Government and notified by it in this behalf in the Official Gazette; (vii) to such income credited or paid in respect of deposits with a banking company to which the Banking Regulation Act, 1949 (10 of 1949, applies (including any bank or banking institution referred to in section 51 of that Act), or with a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank).". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 139
State : Central
Year : 1970
In section 139 of the Income-tax Act, after sub-section (4), the following sub-section shall be inserted with effect from the 1st day of April, 1971, namely :- "(4A) Every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purchases, or in part only for such purposes, shall, if the total income in respect of which he is assessable as a representative assessee [the total income for this purpose being computed under this Act without giving effect to the provisions of sub-section (1) of Section 11] exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other..... View Complete Act List Judgments citing this sectionTitle : Income-tax
State : Central
Year : 1970
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 1970, income-tax shall be charged at the rates specified in Part I of the First Schedule and, in the cases to which Paragraph A, B, C and D of that Part apply, shall be increased by a surcharge for purposes of the Union and in the cases to which Paragraph C applies, also by a special surcharge for purposes of the Union, calculated in each case in the manner provided therein. (2) In making any assessment for the assessment year commencing on the 1st day of April, 1970, where the total income of a company, other than the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), includes any profits and gains from life..... View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 13
State : Central
Year : 1970
For section 13 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1971, namely :- 13. Section 11 not to apply in certain cases. - (1) Nothing contained in section 11 shall operate so as to exclude from the total income of the previous year of the person in receipt thereof - (a) any part of the income from the property held under a trust for private religious purposes which does not enure for the benefit of the public; (b) in the case of a trust for charitable purposes or a charitable institution created or established after the commencement of this Act, any income thereof if the trust or institution is created or established for the benefit of any particular religious community or caste; (c) in the case of a trust for..... View Complete Act List Judgments citing this sectionTitle : Special Duties of Customs
State : Central
Year : 1970
(1) In the case of goods chargeable with a duty of customs which is specified in the First Schedule to the Tariff Act, or in that Schedule as amended by this Act or a subsequent Central Act, if any, or in that Schedule read with any notification of the Central Government for the time being in force, there shall be levied and collected as an addition to, and in the same manner as, the total amount so chargeable, a special duty of customs equal to ten per cent. of such amount : Provided that in computing the total amount so chargeable, any duty chargeable under section 2A of the Tariff Act or section 30 of this Act shall not be included. (2) Sub-section (1) shall cease to have effect after the 31st day of March, 1971, except as respects things done or omitted to be done before such..... View Complete Act List Judgments citing this sectionTitle : Special Duties of Excise on Certain Goods
State : Central
Year : 1970
(1) When goods of the description mentioned in this section chargeable with a duty of excise under the Central Excises Act (as amended by this Act or any subsequent Central Act) read with any notification for the time being in force issued by the Central Government in relation to the duty so chargeable, are assessed to duty, there shall be levied and collected - (a) as respects goods comprised in Items Nos. 6, 8, 9, 14D, 22A, 23A except sub-item (1) thereof, 23B, 28, 29, sub-items (2) and (3) of Item No. 31 and Item No. 32 of the First Schedule to the Central Excises Act, a special duty of excise equal to ten per cent. of the total amount so chargeable on such goods; (b) as respects goods comprised in Items Nos. 2, 3(1), sub-item I, II(2) and II(3) of Item No. 4, Items Nos. 13, 14,..... View Complete Act List Judgments citing this sectionTitle : Regulatory Duties of Excise
State : Central
Year : 1970
(1) With a view to regulating or bringing greater economy in consumption, there shall be levied and collected, with effect from such date, and at such rate, as may be specified in this behalf by the Central Government by notification in the Official Gazette, on all or any of the goods mentioned in the First Schedule to the Central Excises Act as amended by this Act or any subsequent Central Act, a regulatory duty of excise which shall not exceed fifteen per cent. of the value of the goods as determined in accordance with the provisions of section 4 of the Central Excises Act : Provided that different dates and different rates may be specified by the Central Government for different kinds of goods. (2) Sub-section (1) shall cease to have effect after the 15th day of May, 1971, except..... View Complete Act List Judgments citing this section