Title : Correctness of Assessment Not to Be Questioned
State : Central
Year : 1961
In a claim under this Chapter, it shall not be open to the assessee to question the correctness of any assessment or other matter decided which has become final and conclusive or ask for a review of the same, and the assessee shall not be entitled to any relief on such claim except refund of tax wrongly paid or paid in excess. View Complete Act List Judgments citing this sectionTitle : Appropriate Authority
State : Central
Year : 1961
(1) The Central Government may, by order, published in the Official Gazette, (a) constitute as many appropriate authorities, as it thinks fit, to perform the functions of an appropriate authority under this Chapter ; and (b) define the local limits within which the appropriate authorities shall perform their functions under this Chapter. (2) An appropriate authority shall consist of three persons, two of whom shall be members of the Indian Income-tax Service, Group A, holding the post of Commissioner of Income-tax or any equivalent or higher post, and one shall be a member of the Central Engineering Service, Group A, holding the post of Chief Engineer or any equivalent or higher post. (3) In respect of any function to be performed by an appropriate authority under any provision..... View Complete Act List Judgments citing this sectionTitle : Removal, Concealment, Transfer or Delivery of Property to Thwart Tax Recovery
State : Central
Year : 1961
Whoever fraudulently removes, conceals, transfers or delivers to any person, any property or any interest therein, intending thereby to prevent that property or interest therein from being taken in execution of a certificate under the provisions of the Second Schedule shall be punishable with rigorous imprisonment for a term which may extend to two years and shall also be liable to fine. View Complete Act List Judgments citing this sectionTitle : Losses of Firms
State : Central
Year : 1961
Where the assessee is a firm, any loss in relation to the assessment year commencing on or before the 1st day of April, 1992, which could not be set-off against any other income of the firm and which had been apportioned to a partner of the firm but could not be set-off by such partner prior to the assessment year commencing on the 1st day of April, 1993, then such loss shall be allowed to be set-off against the income of the firm subject to the condition that the partner continues in the said firm and to be carried forward for setoff under sections 70, 71, 72, 73, 74 and 74A. View Complete Act List Judgments citing this sectionTitle : Rebate of Income-tax in Case of Women Below Sixty-five Years [Omitted]
State : Central
Year : 1961
1[***] ____________________ 1. Omitted by the Finance Act, 2005, with effect from 1st April, 2006. Prior to omission, section 88C, as inserted by the Finance Act, 2000, with effect from 1st April, 2001, stood as under: 88C. Rebate of income-tax in case of women below sixty-five years. An assessee, (a) being a woman resident in India ; and (b) below the age of sixty-five years, at any time during the previous year, shall be entitled to a deduction from the amount of income-tax (as computed before allowing the deductions under this Chapter) on her total income, with which she is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of five thousand rupees, whichever is less. View Complete Act List Judgments citing this sectionTitle : Report from an Accountant to Be Furnished by Persons Entering into International Transaction
State : Central
Year : 1961
1[Every person who has entered into an international transaction during a previous year shall obtain a report from an accountant and furnish such report on or before the specified date in the prescribed form1 duly signed and verified in the prescribed manner2 by such accountant and setting forth such particulars as may be prescribed.2] ____________________________ 1. Inserted by the Finance Act, 2001, with effect from 1st April, 2002. 2. See rule 10E and Form No. 3CEB. For analysis, see Mashbras Income-tax Rules. View Complete Act List Judgments citing this sectionTitle : Tax on Income from Units of an Open-ended Equity Oriented Fund of the Unit Trust of India or of Mutual Funds
State : Central
Year : 1961
1[(1) Where the total income of an assessee includes any income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, the income-tax payable shall be the aggregate of (a) the amount of income-tax calculated on income from units of an open-ended equity-oriented fund of the Unit Trust of India or of a Mutual Fund, at the rate of ten per cent ; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a). (2) Nothing contained in sub-section (1) shall apply in relation to any income from units of an open-ended equity-oriented fund of the Unit Trust of India or of the Mutual Fund arising after the 31st day of March, 2003. Explanation :..... View Complete Act List Judgments citing this sectionTitle : Benefit Under Chapter to Be Available in Certain Cases Even After the Assessee Becomes Resident
State : Central
Year : 1961
Where a person, who is a non-resident Indian in any previous year, becomes assessable as resident in India in respect of the total income of any subsequent year, he may furnish to the Assessing Officer a declaration in writing along with his return of income under section 139 for the assessment year for which he is so assessable, to the effect that the provisions of this Chapter shall continue to apply to him in relation to the investment income derived from any foreign exchange asset being an asset of the nature referred to in sub-clause (ii) or sub-clause (iii) or sub-clause (iv) or sub-clause (v) of clause (f) of section 115C ; and if he does so, the provisions of this Chapter shall continue to apply to him in relation to such income for that assessment year and for every subsequent..... View Complete Act List Judgments citing this sectionTitle : Minimum Training Requirement for Tonnage Tax Company
State : Central
Year : 1961
(1) A tonnage tax company, after its option has been approved under subsection (3) of section 115VP, shall comply with the minimum training requirement in respect of trainee officers in accordance with the guidelines1 framed by the Director-General of Shipping and notified in the Official Gazette by the Central Government. (2) The tonnage tax company shall be required to furnish a copy of the certificate issued by the Director-General of Shipping along with the return of income under section 139 to the effect that such company has complied with the minimum training requirement in accordance with the guidelines1 referred to in sub-section (1) for the previous year. (3) If the minimum training requirement is not complied with for any five consecutive previous years, the option of the..... View Complete Act List Judgments citing this sectionTitle : Limit for Charter in of Tonnage
State : Central
Year : 1961
(1) In the case of every company which has opted for Tonnage Tax Scheme, not more than forty-nine per cent. of the net tonnage of the qualifying ships operated by it during any previous year shall be chartered in. (2) The proportion of net tonnage referred to in sub-section (1) in respect of a previous year shall be calculated based on the average of net tonnage during that previous year. (3) For the purposes of sub-section (2), the average of net tonnage shall be computed in such manner as may be prescribed1 in consultation with the Director-General of Shipping. (4) Where the net tonnage of ships chartered in exceeds the limit under subsection (1) during any previous year, the total income of such company in relation to that previous year shall be computed as if the option for..... View Complete Act List Judgments citing this section