Title : Amendment of Section 127b
State : Central
Year : 2007
In section 127B of the Customs Act, with effect from the 1st day of June, 2007, for sub-section (1), the following sub-sections shall be substituted, namely:-- "(1) Any importer, exporter or any other person (hereinafter referred to as the applicant in this Chapter) may, in respect of a case, relating to him make an application, before adjudication to the Settlement Commission to have the case settled, in such form and in such manner as may be specified by rules, and containing a full and true disclosure of his duty liability which has not been disclosed before the proper officer, the manner in which such liability has been incurred, the additional amount of customs duty accepted to be payable by him and such other particulars as may be specified by rules including the particulars of..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 36
State : Central
Year : 2007
In section 36 of the Income-tax Act, in sub-section (1),-- (A) in clause (ib), for the words "paid by cheque", the words "paid by any mode of payment other than cash" shall be substituted with effect from the 1st day of April, 2008; (B) in clause (viia),-- (a) in sub-clause (a), after the words "or a non-scheduled bank", the words "or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank" shall be inserted; (b) in the Explanation,-- (i) in clause (ii) at the end, the words ", but does not include a cooperative bank" shall be omitted; (ii) after clause (v), the following clause shall be inserted, namely:-- '(vi) "co-operative bank", "primary agricultural credit society" and "primary..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 72ab
State : Central
Year : 2007
After section 72AA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2008, namely:-- '72AB. Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in business re-organisation of co-operative banks.-- (1) The assessee, being a successor co-operative bank, shall, in a case where the amalgamation has taken place during the previous year, be allowed to set off the accumulated loss and the unabsorbed depreciation, if any, of the predecessor cooperative bank as if the amalgamation had not taken place, and all the other provisions of this Act relating to set-off and carry forward of loss and allowance for depreciation shall apply accordingly. (2) The provisions of this section shall..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 2
State : Central
Year : 2007
In section 2 of the Wealth-tax Act, 1957(27 of 1957) (hereinafter referred to as the Wealth-tax Act),-- (a) in clause (ca)- (i) after the words and figure "section 8 of this Act and also the", the Words "Additional Commissioner or" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 1994; (ii) after the words "Additional Commissioner or", as so inserted, the words "Additional Director or" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1996; (b) for clause (ka), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 25th day of August, 1976, namely:-- '(ka) "India" means the territory of India as referred to in article 1 of the..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 3
State : Central
Year : 2007
In section 3 of the Central Excise Act, 1944(1 of 1944) (hereinafter referred to as the Central Excise Act), in sub-section (1),-- (i) in the proviso, clause (i) shall be omitted; (ii) in Explanation 2 ,-- (a) clause (i) shall be omitted; (b) for clause (iii), the following clause shall be substituted, namely:-- '(iii) "Special Economic Zone" has the meaning assigned to it in clause (za) of section 2 of the Special Economic Zones Act, 2005(28 of 2005).'. View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 32f
State : Central
Year : 2007
For section 32F of the Central Excise Act, with effect from the 1st day of June, 2007, the following section shall be substituted, namely:-- "32F. Procedure on receipt of an application under section 32E.-- (1) On receipt of an application under sub-section (1) of section 32E, the Settlement Commission shall, within seven days from the date of receipt of the application, issue a notice to the applicant to explain in writing as to why the application made by him should be allowed to be proceeded with, and after taking into consideration the explanation provided by the applicant, the Settlement Commission, shall, within a period of fourteen days from the date of the notice, by an order, allow the application to be proceeded with, or reject the application as the case may be, and the..... View Complete Act List Judgments citing this sectionTitle : Income-tax
State : Central
Year : 2007
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2007, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act, 1961(43 of 1961) (hereinafter referred to as the Income-tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds one lakh rupees, then,-- (a) the net agricultural..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 44db
State : Central
Year : 2007
After section 44DA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2008, namely:-- '44DB. Special Provision for computing deductions in the case of business reorganisation of co-operative banks.-- (1) The deduction under section 32, section 35D, section 35DD or section 35DDA shall, in a case where business reorganisation of a co-operative bank has taken place during the financial year, be allowed in accordance with the provisions of this section. (2) The amount of deduction allowable to the predecessor co-operative bank under section 32, section 35D, section 35DD or section 35DDA shall be determined in accordance with the formula-- A x B C where A = the amount of deduction allowable to the predecessor co- operative bank..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 72a
State : Central
Year : 2007
In section 72A of the Income-tax Act, for sub-section (1), the following subsection shall be substituted with effect from the 1st day of April, 2008, namely:-- "(1) Where there has been an amalgamation of-- (a) a company owning an industrial undertaking or a ship or a hotel with another company; or (b) a banking company referred to in clause (c) of section 5 of the Banking Regulation Act, 1949(10 of 1949) with a specified bank; or (c) one or more public sector company or companies engaged in the business of operation of aircraft with one or more public sector company or companies engaged in similar business, then, notwithstanding anything contained in any other provision of this Act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 194c
State : Central
Year : 2007
In section 194C of the Income-tax Act, for sub-section (1), the following subsection shall be substituted with effect from the 1st day of June, 2007, namely:-- "(1) Any person responsible for paying any sum to any resident (hereinafter in this section referred to as the contractor) for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and-- (a) the Central Government or any State Government; or (b) any local authority; or (c) any corporation established by or under a Central, State or Provincial Act; or (d) any company; or (e) any co-operative society; or (f) any authority, constituted in India by or under any law, engaged either for the purpose of dealing with and satisfying the need for housing..... View Complete Act List Judgments citing this section