Title : Amendment of Section 115 Wc
State : Central
Year : 2007
In section 115WC of the Income-tax Act, in sub-section (1), after clause (b), the following shall be inserted with effect from the 1st day of April, 2008, namely:-- '(ba) the fair market value of the specified security or sweat equity shares referred to in clause (d) of sub-section (1) of section 115 WB, on the date on which the option vests with the employee as reduced by the amount actually paid by, or recovered from, the employee in respect of such security or shares. Explanation.--For the purposes of this clause,-- (i) "fair market value" means the value determined in accordance with the method as may be prescribed by the Board; (ii) "option" means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares at a..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Sections 139c and 139d
State : Central
Year : 2007
After section 139B of the Income-tax Act, the following sections shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2006, namely:-- "139C. Power of Board to dispense with furnishing documents, etc., with return.-- (1) The Board may make rules providing for a class or classes of persons who may not be required to furnish documents, statements, receipts, certificates, reports of audit or any other documents, which are otherwise under any other provisions of this Act, except section 139D, required to be furnished, along with the return but on demand to be produced before the Assessing Officer. (2) Any rule made under the proviso to sub-section (9) of section 139 as it stood immediately before its omission by the Finance Act, 2007 shall..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 197a
State : Central
Year : 2007
In section 197A of the Income-tax Act, in sub-section (1C), the words, figures and letter "and is entitled to a deduction from the amount of income-tax on his total income referred to in section 88B" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 2006. View Complete Act List Judgments citing this sectionTitle : Insertion of New Sections 245ha and 245haa
State : Central
Year : 2007
After section 245H of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of June, 2007, namely:-- "245HA. Abatement of proceeding before Settlement Commission.-- (1) Where-- (i) an application made under section 245C on or after the 1st day of June, 2007 has been rejected under sub-section (1) of section 245D; or (ii) an application made under section 245C has not been allowed to be proceeded with under sub-section (2A) or further proceeded with under subsection (2D) of section 245 D; or (iii) an application made under section 245C has been declared as invalid under sub-section (2C) of section 245D; or (iv) in respect of any other application made under section 245C, an order under sub-Section (4) of section 245D has not been passed..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 295
State : Central
Year : 2007
In section 295 of the Income-tax Act, in sub-section (2), after clause (eeb), the following clauses shall be inserted and shall be deemed to have been inserted, with effect from the 1st day of June, 2006, namely:-- "(eeba) the documents, statements, receipts, certificates or audited reports which may not be furnished along with the return but shall be produced before the Assessing Officer on demand under section 139C; (eebb) the class or classes of persons who shall he required to furnish the return of income in electronic form; the form and the manner of furnishing the said return in electronic form; documents, statements, receipts, certificates or reports which shall not be furnished with the return in electronic form and the computer resource or electronic record to which such..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Sections 22ha and 22haa
State : Central
Year : 2007
After section 22H of the Wealth-tax Act, the following sections shall be inserted with effect from the 1st day of June, 2007, namely:-- '22HA. Abatement of proceedings before settlement Commission.--(1) Where,-- (i) an application made under section 22C on or after the 1st day of June, 2007 has been rejected under sub-section (1) of section 22D; or (ii) an application made under section 22C has not been allowed to be proceeded with under sub-section (2A) or further proceeded with under subsection (2D) of section 22D; or (iii) an application made under section 22C has been declared as invalid under sub-section (2C) of section 22D; or (iv) in respect of any other application made under section 22C, an order under sub-section (4) of section 22D has not been passed within the time..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 127h
State : Central
Year : 2007
In section 127H of the Customs Act, with effect from the 1st day of June, 2007,-- (i) in sub-section (1),-- (a) for the words "or under the Indian Penal Code(45 of 1860) or under any other Central Act for the time being in force and also either wholly or in part from the imposition of any penalty, fine and interest", the words "and also either wholly or in part from the imposition of any penalty and fine" shall be substituted; (b) after the proviso, the following Explanation shall be inserted, namely:-- "Explanation.--For the removal of doubts, it is hereby declared that the application filed before the Settlement Commission on or before the, 31st day of May, 2007 shall be disposed of as if the amendment in this section had not come into force."; (ii) in sub-section (2), for..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 129d
State : Central
Year : 2007
In section 129D of the Customs Act,-- (i) for sub-section (3), the following sub-section shall be substituted, namely:-- "(3) The Committee of Chief Commissioners of Customs or the Commissioner of Customs, as the case may be, shall make order under subsection (1) or sub-section (2) within a period of three months from the date of communication of the decision or order of the adjudicating authority."; (ii) in sub-section (4), for the words "three months", the words "one month" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 32e
State : Central
Year : 2007
In section 32E of the Central Excise Act, with effect from the 1st day of June, 2007, for sub-section (1), the following sub-sections shall be substituted, namely:-- "(1) An assessee 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 prescribed and containing a full and true disclosure of his duty liability which has not been disclosed before the Central Excise Officer having jurisdiction, the manner in which such liability has been derived, the additional amount of excise duty accepted to be payable by him and such other particulars as may be prescribed including the particulars of such excisable goods in respect of which he admits short levy on account..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 32k
State : Central
Year : 2007
In section 32K of the Central Excise Act, with effect from the 1st day of June, 2007-- (i) in sub-section (1),-- (a) for the words "or under the Indian Penal Code or under any other Central Act for the time being in force and also either wholly or in part from the imposition of any penalty, fine and interest", the words, "and also either wholly or in part from the imposition of any penalty and fine" shall be substituted; (b) after the proviso, the following Explanation shall be inserted, namely:-- "Explanation.--For the removal of doubts, it is hereby declared that applications filed before the Settlement Commission on or before the 31st day of May, 2007 shall be disposed of as if the amendment in this section had not come into force."; (ii) in sub-section (2), for the words,..... View Complete Act List Judgments citing this section