Title : Insertion of New Section 80-id
State : Central
Year : 2007
After section 80-IC of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2008, namely:-- '80-ID Deduction in respect of profits and gains from business of hotels and convention centres in specified area.-- (1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking from any business referred to in sub-section (2) (such business being hereinafter referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to hundred per cent. of the profits and gains derived from such business for five consecutive assessment years beginning from the initial..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 194a
State : Central
Year : 2007
In section 194A of the Income-tax Act, in sub-section (3), in clause (i), for the words" does not exceed five thousand rupees", the following words, brackets, letters and figures shall be substituted with effect from the 1st day of June, 2007, namely:-- "does not exceed-- (a) ten thousand rupees, where the payer is 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); (b) ten thousand rupees, where the payer is a co-operative society engaged in carrying on the business of banking; (c) ten thousand rupees, on any deposit with post office under any scheme framed by the Central Government and notified by it in this behalf; and (d) five thousand rupees in any other case:"...... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 245
State : Central
Year : 2007
In section 245C of the Income-tax Act, with effect from the 1st day of June, 2007-- (i) in sub-section (1), for the proviso, the following proviso shall be substituted, namely:-- "Provided that no such application shall be made unless-- (i) the additional amount of income-tax payable on the income disclosed in the application exceeds three lakh rupees; and (ii) such tax and the interest thereon, which would have been paid under the provisions of this Act had the income disclosed in the application been declared in the return of income before the Assessing Officer on the date of application, has been paid on or before the date of making the application and the proof of such payment is attached with the application."; (ii) in sub-section (1A), the words, brackets, figures and..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 245h
State : Central
Year : 2007
In section 245H of the Income-tax Act, in sub-section (1), after the proviso, the following proviso shall be inserted with effect from the 1st day of June, 2007, namely:-- "Provided further that the Settlement Commission shall not grant immunity from . prosecution for any offence under the Indian Penal Code or under any Central Act other than this Act and the Wealth-tax Act, 1957(45 of 1860) to a person who makes an application under section 245C on or after the 1st day of June, 2007 (27 1957).". View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 292c
State : Central
Year : 2007
After section 292B of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1975, namely:-- "292C. Presumption as to assets books account, etc.-- Where any books of account, other documents, money, bullion, jewellery or other valuable article or thing are or is found in the possession or control of any person in the course of a search under section 132, it may, in any proceeding under this Act, be presumed-- (i) that such books of account, other documents, money, bullion, jewellery or other valuable article or thing belong or belongs to such person; (ii) that the contents of such books of account and other documents are true; and (iii) that the signature and every other part of such books..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 22c
State : Central
Year : 2007
In section 22C of the Wealth-tax Act, with effect from the 1st day of June, 2007,-- (i) in sub-section (1), for the proviso, the following proviso shall be substituted, namely:-- "Provided that no such application shall be made unless such wealth-tax and the interest thereon, which would have been paid under the provisions of this Act had the wealth declared in the application been declared in the return of wealth before the Assessing Officer on the date of application, has been paid on or before the date of making the application and the proof of such payment is attached with the application."; (ii) in sub-section (1A), the words, brackets, figures and letters "and sub-sections (2A) to (2D) of section 22D" shall be omitted;. (iii) for sub-section (1B), the following sub-section..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 22h
State : Central
Year : 2007
In section 22H of the Wealth-tax Act, in sub-section (1), after the proviso, the following proviso shall be inserted with effect from the 1st day of June, 2007, namely:-- "Provided further that the Settlement Commission shall not grant immunity from prosecution for any offence under the Indian Penal Code(45 of 1860) or under any Central Act other than this Act and the Income-tax Act, 1961(43 of 1961) to a person who makes an application under section 22C on or after the 1st day of June, 2007.". View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 42d
State : Central
Year : 2007
After section 42C of the Wealth-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1975, namely:-- "42D. Presumption as to assets, books of account, etc.-- Where any books of account or other documents, articles or things including money are found in the possession or control of any person in the course of a search under section 37A, it may, in any proceeding under this Act, be presumed that-- (i) such books of account or other documents, articles or things including money belong to such person; (ii) the contents of such books of account or other documents are true; and (iii) the signature and every other part of such books of account or other documents which purport to be in the handwriting of..... View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 14
State : Central
Year : 2007
For section 14 of the Customs Act, the following section shall be substituted with effect from such date1 as the Central Government may, by notification in the Official Gazette, appoint, namely:-- '14. Valuation of goods.-- (1) For the purposes of the Customs Tariff Act, 1975(51 of 1975), or any other law for the time being in force, the value of the imported goods and export goods shall be the transaction value of such goods, that is to say, the price actually paid or payable for the goods when sold for export to India for delivery at the time and place of importation, or as the case may be, for export from India for delivery at the time and place of exportation, where the buyer and seller of the goods are not related and price is the sole consideration for the sale subject to such..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 127a
State : Central
Year : 2007
In section 127A of the Customs Act, with effect from the 1st day of June, 2007, for clause (b), the following clause shall be substituted, namely:-- '(b) "case" means any proceeding under this Act or any other Act for the levy, assessment and collection of customs duty, pending before an adjudicating authority on the date on which an application under sub-section (1) of section 127B is made: Provided that when any proceeding is referred back in any appeal or revision, as the case may be, by any court, Appellate Tribunal or any other authority, to the adjudicating authority for a fresh adjudication or decision, as the case may be, then such proceeding shall not be deemed to be a proceeding pending within the meaning of this clause;'. View Complete Act List Judgments citing this section