Title : [Omitted]
State : Central
Year : 1961
1[***] ____________________________ 1. Omitted by the Finance Act, 1992, with effect from 1st April, 1993. View Complete Act List Judgments citing this sectionTitle : Special Provision for Computing Profits and Gains of Shipping Business in the Case of Non-residents
State : Central
Year : 1961
(1) Notwithstanding anything to the contrary contained in sections 28 to 43A, in the case of an assessee, being a non-resident, engaged in the business of operation of ships, a sum equal to seven and a half per cent of the aggregate of the amounts specified in sub-section (2) shall be deemed to be the profits and gains of such business chargeable to tax under the head Profits and gains of business or profession. (2) The amounts referred to in sub-section (1) shall be the following, namely: (i) the amount paid or payable (whether in or out of India) to the assessee or to any person on his behalf on account of the carriage of passengers, livestock, mail or goods shipped at any port in India; and (ii) the amount received or deemed to be received in India by or on behalf of the..... View Complete Act List Judgments citing this sectionTitle : [Omitted]
State : Central
Year : 1961
1[***] ______________________________ 1. Omitted by the Finance Act, 1987, with effect from 1st April, 1988. View Complete Act List Judgments citing this sectionTitle : [Omitted]
State : Central
Year : 1961
1[***] _____________________________ 1. Omitted by the Finance Act, 1992, with effect from 1st April, 1993. View Complete Act List Judgments citing this sectionTitle : [Omitted]
State : Central
Year : 1961
1[***] _______________________________ 1. Omitted by the Finance (No. 2) Act, 1971, with effect from 1st April, 1972. View Complete Act List Judgments citing this sectionTitle : [Omitted]
State : Central
Year : 1961
1[***] ______________________________ 1. Omitted by the Finance Act, 1976, with effect from 1st April, 1976. View Complete Act List Judgments citing this sectionTitle : Exemption of Capital Gains on Transfer of Assets in Cases of Shifting of Industrial Undertaking from Urban Area
State : Central
Year : 1961
(1) Subject to the provisions of sub-section (2), where the capital gain arises from the transfer of a capital asset, being machinery or plant or building or land or any rights in building or land used for the purposes of the business of an industrial undertaking situate in an urban area, effected in the course of, or in consequence of, the shifting of such industrial undertaking (hereafter in this section referred to as the original asset) to any area (other than an urban area) and the assessee has within a period of one year before or three years after the date on which the transfer took place, - (a) purchased new machinery or plant for the purposes of business of the industrial undertaking in the area to which the said undertaking is shifted ; (b) acquired building or land or..... View Complete Act List Judgments citing this sectionTitle : Profits Chargeable to Tax
State : Central
Year : 1961
(1) The provisions of sub-section (1) of section 41 shall apply, so far as may be, in computing the income of an assessee under section 56, as they apply in computing the income of an assessee under the head Profits and gains of business or profession. (2) and (3) [Omitted by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, with effect from 1st April, 1988.] View Complete Act List Judgments citing this sectionTitle : [Omitted]
State : Central
Year : 1961
1[***] _________________________________ 1. Omitted by the Finance Act, 1992, with effect from 1st April, 1993. View Complete Act List Judgments citing this sectionTitle : Set off of Loss from One Head Against Income from Another
State : Central
Year : 1961
(1) Where in respect of any assessment year the net result of the computation under any head of income other than Capital gains, is a loss and the assessee has no income under the head Capital gains, he shall, subject to the provisions of this Chapter, be entitled to have the amount of such loss set-off against his income, if any, assessable for that assessment year under any other head. (2) Where in respect of any assessment year, the net result of the computation under any head of income, other than Capital gains, is a loss and the assessee has income assessable under the head Capital gains, such loss may, subject to the provisions of this Chapter, be set-off against his income, if any, assessable for that assessment year under any head of income including the head Capital gains..... View Complete Act List Judgments citing this section