Title : [Omitted]
State : Central
Year : 1961
1[***] __________________________ 1. Omitted by the Finance Act, 2005, with effect from 1st April, 2006. Prior to omission, section 80L as amended by the Finance Act, 1999, with effect from 1st April, 2000; Finance Act, 2000, with effect from 1st April, 2000 and Finance Act, 2003, with effect from 1st April, 2004; Finance Act, 2001, with effect from 1st April, 2002, stood as under: 80L. Deductions in respect of interest on certain securities, dividends, etc. - (1) Where the gross total income of an assessee, being - (a) an individual, or (b) a Hindu undivided family, (c) Omitted by the Finance Act, 1994, with retrospective effect from 1st April, 1968, includes any income by way of - (i) interest on any security of the Central Government or a State Government; (ia)..... View Complete Act List Judgments citing this sectionTitle : Assessment
State : Central
Year : 1961
1[2[(1) Where a return has been made under section 115WD, such return shall be processed in the following manner, namely: (a) the value of fringe benefits shall be computed after making the following adjustments, namely: (i) any arithmetical error in the return ; or (ii) an incorrect claim, if such incorrect claim is apparent from any information in the return ; (b) the tax and interest, if any, shall be computed on the basis of the value of fringe benefits computed under clause (a) ; (c) the sum payable by, or the amount of refund due to, the assessee shall be determined after adjustment of the tax and interest, if any, computed under clause (b) by any advance tax paid, any tax paid on self-assessment and any amount paid otherwise by way of tax or interest ; (d) an..... View Complete Act List Judgments citing this sectionTitle : Power to Transfer Cases
State : Central
Year : 1961
(1) The Director General or Chief Commissioner or Commissioner may, after giving the assessee a reasonable opportunity of being heard in the matter, wherever it is possible to do so, and after recording his reasons for doing so, transfer any case from one or more Assessing Officers subordinate to him (whether with or without concurrent jurisdiction) to any other Assessing Officer or Assessing Officers (whether with or without concurrent jurisdiction) also subordinate to him. (2) Where the Assessing Officer or Assessing Officers from whom the case is to be transferred and the Assessing Officer or Assessing Officers to whom the case is to be transferred are not subordinate to the same Director General or Chief Commissioner or Commissioner, (a) where the Directors General or Chief..... View Complete Act List Judgments citing this sectionTitle : Power of Board to Dispense with Furnishing Documents, Etc. with the Return
State : Central
Year : 1961
1[(1) The Board may make rules providing for a class or classes of persons who may not be required to furnish documents, statements, receipts, certificates, reports of audit or any other documents, which are otherwise under any other provisions of this Act, except section 139D, required to be furnished, along with the return but on demand to be produced before the Assessing Officer. (2) Any rule made under the proviso to sub-section (9) of section 139 as it stood immediately before its omission by the Finance Act, 2007 shall be deemed to have been made under the provisions of this section.] ___________________________ 1. Inserted by the Finance Act, 2007, with retrospective effect from 1st June, 2006. View Complete Act List Judgments citing this sectionTitle : Return by Whom to Be Signed
State : Central
Year : 1961
Thereturn under 1 [section 115WD or] section 139 shall be signed and verified- 2 [(a) inthecase of an individual,- (i) by the individual himself; (ii) where he is absent from India, by the individual himself or by someperson duly authorised by him in this behalf; (iii) where he is mentally incapacitated from attending to his affairs, by hisguardian or any other person competent to act on his behalf; and (iv) where, for any other reason, it is not possible for the individual tosign the return, by any person duly authorised by him in this behalf: Provided that in a case referred to in sub-clause (ii) or sub-clause (iv) ,the person signing the return holds a valid power of attorney from theindividual to do so, which shall be attached to the return;] (b) in the case of a Hindu..... View Complete Act List Judgments citing this sectionTitle : Issue of Notice Where Income Has Escaped Assessment
State : Central
Year : 1961
(1) Before making the assessment, reassessment or recomputation under section 147, the Assessing Officer shall serve on the assessee a notice requiring him to furnish within such period as may be specified in the notice, a return of his income or the income of any other person in respect of which he is assessable under this Act during the previous year corresponding to the relevant assessment year, in the prescribed1 form and verified in the prescribed1 manner and setting forth such other particulars as may be prescribed1; and the provisions of this Act shall, so far as may be, apply accordingly as if such return were a return required to be furnished under section 139. 2[Provided that in a case -- (a) where a return has been furnished during the period commencing on the 1st day of..... View Complete Act List Judgments citing this sectionTitle : Power of Settlement Commission to Grant Immunity from Prosecution and Penalty
State : Central
Year : 1961
(1) The Settlement Commission may, if it is satisfied that any person who made the application for settlement under section 245C has co-operated with the Settlement Commission in the proceedings before it and has made a full and true disclosure of his income and the manner in which such income has been derived, grant to such person, subject to such conditions as it may think fit to impose, immunity from prosecution for any offence under this Act or under the Indian Penal Code (45 of 1860), or under any other Central Act for the time being in force and also (either wholly or in part) from the imposition of any penalty under this Act, with respect to the case covered by the settlement: Provided that no such immunity shall be granted by the Settlement Commission in cases where the..... View Complete Act List Judgments citing this sectionTitle : Appeal to High Court
State : Central
Year : 1961
(1) An appeal shall lie to the High Court from every order passed in appeal by the Appellate Tribunal 1[before the date of establishment of the National Tax Tribunal], if the High Court is satisfied that the case involves a substantial question of law. (2) 2[The Chief Commissioner or the Commissioner or an assessee aggrieved by any order passed by the Appellate Tribunal may file an appeal to the High Court and such appeal under this sub-section shall be] - (a) filed within one hundred and twenty days from the date on which the order appealed against is 3[received by the assessee or the Chief Commissioner or Commissioner]; (b) 4[***]; (c) in the form of a memorandum of appeal precisely stating therein the substantial question of law involved. 6[(2A) The High Court may admit an..... View Complete Act List Judgments citing this sectionTitle : Registration of Certain Transactions
State : Central
Year : 1961
(1) The following transactions, that is to say, (a) every transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882), and (b) every transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement of whatever nature) whereby a person acquires any rights in or with respect to any building or part of a building (whether or not including any machinery, plant, furniture, fittings or other things therein) which has been constructed or which is to be constructed [not being a transaction by way of sale,..... View Complete Act List Judgments citing this sectionTitle : Payment or Deposit of Consideration
State : Central
Year : 1961
(1) The amount of consideration payable in accordance with the provisions of section 269UF shall be tendered to the person or persons entitled thereto, within a period of one month from the end of the month in which the immovable property concerned becomes vested in the Central Government under subsection (1), or, as the case may be, sub-section (6) of section 269UE : Provided that if any liability for any tax or any other sum remaining payable under this Act, the Wealth-tax Act, 1957 (27 of 1957), the Gift-tax Act, 1958 (18 of 1958), the Estate Duty Act, 1953 (34 of 1953), or the Companies (Profits) Surtax Act, 1964 (7 of 1964), by any person entitled to the consideration payable under section 269UF, the appropriate authority may, in lieu of the payment of the amount of..... View Complete Act List Judgments citing this section