Title : Insertion of New Section 153d
State : Central
Year : 2007
In the Income-tax Act, after section 153C, the following section shall be inserted with effect from the 1st day of June, 2007, namely:-- " 153D. Prior approval necessary for assessment in cases or requisition.-- No order of assessment or reassessment shall be passed by an Assessing Officer below the rank of Joint Commissioner in respect of each assessment year referred to in clause (b) of section 153 A or the assessment year referred to in clause (b) of sub-section (1) of section 153B, except with the prior approval of the Joint Commissioner.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 172
State : Central
Year : 2007
In section 172 of the Income-tax Act, after sub-section (4), the following subsection shall be inserted, namely:- "(4A) No order assessing the income and determining the sum of tax payable thereon shall be made under sub-section (4) after the expiry of nine months from the end of the financial year in which the return under sub-section (3) is furnished: Provided that where the return under sub-section (3) has been furnished before the 1st day of April, 2007, such order shall be made on or before the 31st day of December, 2008.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 201
State : Central
Year : 2007
In section 201 of the Income-tax Act, in sub-section (1A), for the words "twelve per cent. per annum", the words "one per cent. for every month or part of a month" shall be substituted with effect from the 1st day of April, 2008. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 245dd
State : Central
Year : 2007
In section 245DD of the Income-tax Act, in sub-section (2), in the proviso, the words ", so, however, that the total period of extension shall not in any case exceed two years" shall be omitted with effect from the 1st day of June, 2008. View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 245k
State : Central
Year : 2007
For section 245K of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2007, namely:-- "245K. Bar on subsequent application for settlement.-- (1) Where- (i) an order of settlement passed under sub-section (4) of section 245D provides for the imposition of a penalty on the person who made the application under section 245C for settlement, on the ground of concealment of particulars of his income; or (ii) after the passing of an order of settlement under the said sub-section (4) in relation to a case, such person is convicted of any offence under Chapter XXII in relation to that case; or (iii) the case of such person was sent back to the Assessing Officer by the Settlement Commission on or before the 1st day of June, 2002, ..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 253
State : Central
Year : 2007
In section 253 of the Income-tax Act, in sub-section (1), in clause (c), for the words, figures and letters "under section 12AA", the words, figures, letters and brackets "under section 12AA or under clause (vi) of sub-section (5) of section 80G" shall be substituted with effect from the 1st day of June, 2007. View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 22k
State : Central
Year : 2007
For section 22K of the Wealth-tax Act, the following section shall be substituted with effect from the 1st day of June, 2007, namely:-- "22K. Bar on subsequent application for settlement.--(1) Where,-- (i) an order of settlement passed under sub-section (4) of section 22D provides for the imposition of a penalty on the person who made the application under section 22C for settlement, on the ground of concealment of particulars of his net wealth; or (ii) after the passing of an order of settlement under the said sub-section (4) in relation to a case, such person is convicted of any offence under Chapter VIII in relation to that case; or (iii) the case of any such person was sent back to the Assessing Officer by the Settlement Commission on or before the 1st day of June, 2002,..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 27
State : Central
Year : 2007
In section 27 of the Customs Act, in sub-section (1), in clause (b), after the third proviso, the following proviso shall be inserted, namely:-- "Provided also that where the duty becomes refundable as a consequence of judgment, decree, order or direction of the appellate authority, Appellate Tribunal or any court, the limitation of one year or six months, as the case may be, shall be computed from the date of such judgment, decree, order or direction." View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 5b
State : Central
Year : 2007
After section 5A of the Central Excise Act, the following section shall be inserted, namely:-- "5B. Non-reversal of CENVAT credit.-- Where an assessee has paid duty of excise on a final product and has been allowed credit of the duty or tax or cess paid on inputs, capital goods and input services used in making of the said product, but subsequently the process of making the said product is held by the court as not chargeable to excise duty, the Central Government may, by notification, order for non-reversal of such credit allowed to the assessee subject to such conditions as may be specified in the said notification: Provided that the order for non-reversal of credit shall not apply where an assessee has perferred a claim for refund of excise duty paid by him: Provided further..... View Complete Act List Judgments citing this sectionTitle : Amendment of Act 32 of 1994
State : Central
Year : 2007
In the Finance Act, 1994 -- (A) in section 65, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint1,-- (1) in clause (12),-- (a) in sub-clause (a),-- (i) for the words "or any other person", the words "or commercial concern" shall be substituted; (ii) in item (i), the following Explanation shall be inserted at the end, namely:-- 'Explanation.--For the purposes of this item, "financial leasing" means a lease transaction where-- (i) contract for lease is entered into between two parties for leasing of a specific asset; (ii) such contract is for use and occupation of the asset by the lessee; (iii) the lease payment is calculated so as to cover the full cost of the asset together with the interest charges; and (iv)..... View Complete Act List Judgments citing this section