Title : Special Provision for Computation of Total Income of Non-residents
State : Central
Year : 1961
(1) No deduction in respect of any expenditure or allowance shall be allowed under any provision of this Act in computing the investment income of a nonresident Indian. (2) Where in the case of an assessee, being a non-resident Indian, - (a) the gross total income consists only of investment income or income by way of long-term capital gains or both, no deduction shall be allowed to the assessee under Chapter VIA and nothing contained in the provisions of the second proviso to section 48 shall apply to income chargeable under the head Capital gains ; (b) the gross total income includes any income referred to in clause (a), the gross total income shall be reduced by the amount of such income and the deductions under Chapter VIA shall be allowed as if the gross total income as so..... View Complete Act List Judgments citing this sectionTitle : Capital Gains on Transfer of Foreign Exchange Assets Not to Be Charged in Certain Cases
State : Central
Year : 1961
(1) Where, in the case of an assessee being a non-resident Indian, any long-term capital gains arise from the transfer of a foreign exchange asset (the asset so transferred being hereafter in this section referred to as the original asset), and the assessee has, within a period of six months after the date of such transfer, invested the whole or any part of the net consideration in any specified asset, or in any savings certificates referred to in clause (4B) of section 10 (such specified asset, or such savings certificates being hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say, (a) if the cost of the new asset is not less than the net consideration in respect of..... View Complete Act List Judgments citing this sectionTitle : Chapter Not to Apply if the Assessee So Chooses
State : Central
Year : 1961
A non-resident Indian may elect not to be governed by the provisions of this Chapter for any assessment year by furnishing his return of income for that assessment year under section 139 declaring therein that the provisions of this Chapter shall not apply to him for that assessment year and if he does so, the provisions of this Chapter shall not apply to him for that assessment year and his total income for that assessment year shall be computed and tax on such total income shall be charged in accordance with the other provisions of this Act. View Complete Act List Judgments citing this sectionTitle : General Exclusion of Deduction and Set Off, Etc
State : Central
Year : 1961
(1) Notwithstanding anything contained in any other provision of this Act, in computing the tonnage income of a tonnage tax company for any previous year (hereafter in this section referred to as the relevant previous year) in which it is chargeable to tax in accordance with this Chapter (i) sections 30 to 43B shall apply as if every loss, allowance or deduction referred to therein and relating to or allowable for any of the relevant previous years, had been given full effect to for that previous year itself ; (ii) no loss referred to in sub-sections (1) and (3) of section 70 or subsections (1) and (2) of section 71 or sub-section (1) of section 72 or sub-section (1) of section 72A, in so far as such loss relates to the business of operating qualifying ships of the company, shall be..... View Complete Act List Judgments citing this sectionTitle : Transfer of Profits to Tonnage Tax Reserve Account
State : Central
Year : 1961
(1) A tonnage tax company shall, subject to and in accordance with the provisions of this section, be required to credit to a reserve account (hereafter in this section referred to as the Tonnage Tax Reserve Account) an amount not less than twenty per cent of the book profit derived from the activities referred to in clauses (i) and (ii) of sub-section (1) of section 115VI in each previous year to be utilised in the manner laid down in sub-section (3) : Provided that a tonnage tax company may transfer a sum in excess of twenty per cent of the book profit and such excess sum transferred shall also be utilised in the manner laid down in subsection (3). Explanation : For the purposes of this section, book profit shall have the same meaning as in the Explanation to sub-section (2) of..... View Complete Act List Judgments citing this sectionTitle : Amalgamation
State : Central
Year : 1961
Where there has been an amalgamation of a company with another company or companies, then, subject to the other provisions of this section, the provisions relating to the Tonnage Tax Scheme shall, as far as may be, apply to the amalgamated company if it is a qualifying company: Provided that where the amalgamated company is not a tonnage tax company, it shall exercise an option for Tonnage Tax Scheme under sub-section (1) of section 115VP within three months from the date of the approval of the scheme of amalgamation : Provided further that where the amalgamating companies are tonnage tax companies, the provisions of this Chapter shall, as far as may be, apply to the amalgamated company for such period as the option for Tonnage Tax Scheme which has the longest unexpired period..... View Complete Act List Judgments citing this sectionTitle : Interest for Default in Furnishing Return of Fringe Benefits
State : Central
Year : 1961
(1) Where the return of fringe benefits for any assessment year under subsection (1) or sub-section (3) of section 115WD or in response to a notice under sub-section (2) of that section, is furnished after the due date, or is not furnished, the employer shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,- (a) where the return is furnished after the due date, ending on the date of furnishing of the return; or (b) where no return has been furnished, ending on the date of completion of the assessment under section 115WF, on the amount of the tax on the value of fringe benefits as determined under sub-section (1) of section 115WE or regular assessment..... View Complete Act List Judgments citing this sectionTitle : Change of Incumbent of an Office
State : Central
Year : 1961
Whenever in respect of any proceeding under this Act an income-tax authority ceases to exercise jurisdiction and is succeeded by another who has and exercises jurisdiction, the income-tax authority so succeeding may continue the proceeding from the stage at which the proceeding was left by his predecessor: Provided that the assessee concerned may demand that before the proceeding is so continued the previous proceeding or any part thereof be reopened or that before any order of assessment is passed against him, he be reheard. View Complete Act List Judgments citing this sectionTitle : Income Escaping Assessment
State : Central
Year : 1961
If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recompute the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year) : Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this..... View Complete Act List Judgments citing this sectionTitle : Intimation of Loss
State : Central
Year : 1961
When, in the course of the assessment of the total income of any assessee, it is established that a loss has taken place which the assessee is entitled to have carried forward and set-off under the provisions of sub-section (1) of section 72, sub-section (2) of section 73, sub-section (1) or sub-section (3) of section 74 or sub-section (3) of section 74A, the Assessing Officer shall notify to the assessee by an order in writing the amount of the loss as computed by him for the purposes of sub-section (1) of section 72, subsection (2) of section 73, sub-section (1) or sub-section (3) of section 74 or sub-section (3) of section 74A. View Complete Act List Judgments citing this section