Title : Mode of Repayment of Special Bearer Bonds,1991
State : Central
Year : 1961
Notwithstanding anything contained in any other law for the time being in force, the amount payable on redemption of Special Bearer Bonds, 1991, shall be paid only by an account payee cheque or account payee bank draft drawn in the name of the person to whom such payment is to be made. View Complete Act List Judgments citing this sectionTitle : Commencement of Chapter
State : Central
Year : 1961
The provisions of this Chapter shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different areas. View Complete Act List Judgments citing this sectionTitle : Chapter Not to Apply to Certain Transfers
State : Central
Year : 1961
The provisions of this Chapter shall not apply to or in relation to any immovable property where the agreement for transfer of such property is made by a person to his relative on account of natural love and affection, if a recital to that effect is made in the agreement for transfer. View Complete Act List Judgments citing this sectionTitle : Failure to Pay the Tax Collected at Source
State : Central
Year : 1961
If a person fails to pay to the credit of the Central Government, the tax collected by him as required under the provisions of section 206C, he shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine. View Complete Act List Judgments citing this sectionTitle : Power to Make Exemption, Etc., in Relation to Certain Union Territories
State : Central
Year : 1961
If the Central Government considers it necessary or expedient so to do for avoiding any hardship or anomaly or removing any difficulty that may arise as a result of the application of this Act to the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu, and Pondicherry, or in the case of the Union territory of Pondicherry, for implementing any provision of the Treaty of Cession concluded between France and India on the 28th day of May, 1956, that Government may, by general or special order, make an exemption, reduction in rate or other modification in respect of income-tax or super-tax in favour of any assessee or class of assessees or in regard to the whole or any part of the income of any assessee or class of assessees : Provided that the power conferred by this section..... View Complete Act List Judgments citing this sectionTitle : Short Title, Extent and Commencement
State : Central
Year : 1961
(1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. View Complete Act List Judgments citing this sectionTitle : Annual Value How Determined
State : Central
Year : 1961
1[(1) For the purposes of section 22, the annual value of any property shall be deemed to be - (a) the sum for which the property might reasonably be expected to let from year to year; or (b) where the property or any part of the property is let and the actual rent received or receivable by the owner in respect thereof is in excess of the sum referred to in clause (a), the amount so received or receivable; or (c) where the property or any part of the property is let and was vacant during the whole or any part of the previous year and owing to such vacancy the actual rent received or receivable by the owner in respect thereof is less than the sum referred to in clause (a), the amount so received or receivable: Provided that the taxes levied by any local authority in respect of..... View Complete Act List Judgments citing this sectionTitle : Capital Gains on Distribution of Assets by Companies in Liquidation
State : Central
Year : 1961
(1) Notwithstanding anything contained in section 45, where the assets of a company are distributed to its shareholders on its liquidation, such distribution shall not be regarded as a transfer by the company for the purposes of section 45. (2) Where a shareholder on the liquidation of a company receives any money or other assets from the company, he shall be chargeable to income-tax under the head Capital gains, in respect of the money so received or the market value of the other assets on the date of distribution, as reduced by the amount assessed as dividend within the meaning of sub-clause (c) of clause (22) of section 2 and the sum so arrived at shall be deemed to be the full value of the consideration for the purposes of section 48. View Complete Act List Judgments citing this sectionTitle : Unexplained Expenditure Etc..
State : Central
Year : 1961
Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or part thereof, or the explanation, if any, offered by him is not, in the opinion of the Assessing Officer, satisfactory, the amount covered by such expenditure or part thereof, as the case may be, may be deemed to be the income of the assessee for such financial year. 1[Provided that, notwithstanding anything contained in any other provision of this Act, such unexplained expenditure which is deemed to be the income of the assessee shall not be allowed as a deduction under any head of income.] ___________________________ 1. Inserted by the Finance (No. 2) Act, 1998, with effect from 1st April, 1999. ..... View Complete Act List Judgments citing this sectionTitle : Amount Borrowed or Repaid on Hundi
State : Central
Year : 1961
Where any amount is borrowed on a hundi from, or any amount due thereon is repaid to, any person otherwise than through an account payee cheque drawn on a bank, the amount so borrowed or repaid shall be deemed to be the income of the person borrowing or repaying the amount aforesaid for the previous year in which the amount was borrowed or repaid, as the case may be: Provided that, if in any case any amount borrowed on a hundi has been deemed under the provisions of this section to be the income of any person, such person shall not be liable to be assessed again in respect of such amount under the provisions of this section on repayment of such amount. Explanation: For the purposes of this section, the amount repaid shall include the amount of interest paid on the amount borrowed. ..... View Complete Act List Judgments citing this section