Title : Amendment of Section 208
State : Central
Year : 1978
In section 208 of the Income-tax Act, in sub-section (1), in clause (b), for the words, brackets and figures "sub-section (3) of section 212", the word, figures and letter "section 209A" shall be substituted with effect from the 1st day of June, 1978. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 212
State : Central
Year : 1978
In section 212 of the Income-tax Act, with effect from the 1st day of June, 1978, - (a) in sub-section (1), for the words, brackets and figures "by reason of his total income [exclusive of capital gains and income referred to in sub-clause (ix) of clause (24) of section 2, if any] of the period which would be the previous year for the immediately following assessment year (such total income being, hereafter in this Section referred to as current income)", the words "by reason of his current income" shall be substituted; (b) sub-section(3) shall be omitted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 216
State : Central
Year : 1978
In section 216 of the Income-tax Act, in clause (a), for the words, brackets, figures and letter "under sub-section (1) or sub-section (2) or sub-section (3) or sub-section (3A) of section 212", the words, figures and letter "under section 209A or section 212" shall be substituted with effect from the 1st day of June, 1978. View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 1978
(1) This Act may be called the Finance Act, 1978. (2) Save as otherwise provided in this Act, sections 2 to 33 and section 40 shall be deemed to have come into force on the 1st day of April, 1978. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 209
State : Central
Year : 1978
In section 209 of the Income-tax Act, with effect from the 1st day of April, 1978, - (a) in sub-section (1), for clause (c), the following clause shall be substituted namely :- "(c) in cases where an estimate (including a revised estimate) is sent by the assessee under section 209A or section 212, the total income so estimated shall, for the purposes of calculation of tax under this section be substituted for the total income referred to in clause (a)"; (b) in sub-section (2), - (i) in clause (a), in the opening portion, after the words "in cases", the words, brackets, figures and letter "where the assessee sends a statement under sub-section (1) of section 209A or" shall be inserted; (ii) in clause (b), for the words, brackets, figures and letter "in cases where an estimate..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 211
State : Central
Year : 1978
In section 211 of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 1978, - (a) in the opening portion, for the words and figures "Subject to the provisions of this section and of section 212", the words, figures and letter "Subject to the provisions of this section and of section 209A and 212" shall be substituted; (b) for the Explanation, the following Explanation shall be substituted, namely :- Explanation : In this sub-section, "total income" means, - (a) in a case where the advance tax is paid by the assessee in accordance with the statement sent by him under sub-section (1) of section 209A or in accordance with an order of the Income-tax Officer under section 210, the total income with reference to which the advance tax payable has been..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 217
State : Central
Year : 1978
In section 217 of the Income-tax Act, with effect from the 1st day of June, 1978, - (a) in sub-section (1), - (i) for the portion beginning with the words "the Income-tax Officer finds that any such person" and ending with the words "twelve per cent. per annum", the following shall be substituted, namely :- "the Income-tax Officer finds - (a) that any such person as is referred to in clause (a) of sub-section (1) of section 209A has not sent the statement referred to in that clause or the estimate in lieu of such statement referred to in sub-section (2) of that section; or (b) that any such person as is referred to in clause (b) of sub-section (1) of section 209A has not sent the estimate referred to in that clause, simple interest at the rate of twelve per cent. per annum";..... View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 218
State : Central
Year : 1978
For section 218 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 1978, namely :- "218. When assessee deemed to be in default. - (1) If any assessee has sent, - (a) under sub-section (1) of section 209A, a statment, or (b) under sub-section 209A or section 212, an estimate or a revised estimate, of the advance tax payable by him, but does not pay any instalment in accordance therewith on the date or dates specified in section 211, he shall be deemed to be an assessee in default in respect of such instalment or instalments. (2) If any assessee does not pay on the specified date any instalment of advance tax that he is required to pay under section 210 and does not, before the date on which any such instalment as is not paid..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 54b
State : Central
Year : 1978
Section 54B of the Income-tax Act shall be renumbered and shall he deemed to have been renumbered with effect from the 1st day of April, 1974, as sub-section (1) thereof and, - (a) in sub-section (1) as so renumbered, after the words "used by the assessee or a parent of his for agricultural purposes", the brackets and words "(hereinafter referred to as the original asset)" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1974; (b) after sub-section (1) as so renumbered, the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1974, namely :- "(2) Where the transfer of the original asset is by way of compulsory acquisition under any law and the compensation awarded..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 72a
State : Central
Year : 1978
In section 72A [as directed to be inserted by section 15 of the Finance (No. 2) Act, 1977 (29 of 1977)] of the Income-tax Act, after sub-section (2) and before the Explanation, the following sub-section shall be inserted, namely :- "(3) Where a company owning an industrial undertaking or a ship proposes to amalgamate with any other company and such other company submits the proposed scheme of amalgamation to the specified authority and that authority is satisfied, after examining the scheme and taking into account all relevant facts, that the conditions referred to in sub-section (1) would be fulfilled if such amalgamation is effected in accordance with such scheme or, as the case may be, in accordance with such scheme as modified in such manner as that authority may specify, it shall..... View Complete Act List Judgments citing this section