Title : Unexplained Investments
State : Central
Year : 1961
Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year. View Complete Act List Judgments citing this sectionTitle : Unexplained Money, Etc.
State : Central
Year : 1961
Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery, or other valuable article may be deemed to be the income of the assessee for such financial year. View Complete Act List Judgments citing this sectionTitle : Amount of Investments, Etc., Not Fully Disclosed in Books of Account
State : Central
Year : 1961
Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the Assessing Officer finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income, and the assessee offers no explanation about such excess amount or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the excess amount may be deemed to be the income of the assessee for such financial year. View Complete Act List Judgments citing this sectionTitle : A.rebate of Income-tax
State : Central
Year : 1961
1[A.-Rebate of income-tax _____________________ 1. Inserted by the Finance Act, 1990, w.e.f. 1-4-1991. View Complete Act List Judgments citing this sectionTitle : Computation of Profits and Gains from the Business of Operating Qualifying Ships
State : Central
Year : 1961
Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of a company, the income from the business of operating qualifying ships, may, at its option, be computed in accordance with the provisions of this Chapter and such income 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. View Complete Act List Judgments citing this sectionTitle : Exclusion of Loss
State : Central
Year : 1961
(1) Section 72 shall apply in respect of any losses that have accrued to a company before its option for tonnage tax scheme and which are attributable to its tonnage tax business, as if such losses had been set off against the relevant shipping income in any of the previous years when the company is under the Tonnage Tax Scheme. (2) The losses referred to in sub-section (1) shall not be available for set-off against any income other than relevant shipping income in any previous year beginning on or after the company exercises its option under section 115VP. (3) Any apportionment necessary to determine the losses referred to in subsection (1) shall be made on a reasonable basis. View Complete Act List Judgments citing this sectionTitle : Avoidance of Tax
State : Central
Year : 1961
(1) Subject to the provisions of this Chapter, the Tonnage Tax Scheme shall not apply where a tonnage tax company is a party to any transaction or arrangement which amounts to an abuse of the Tonnage Tax Scheme. (2) For the purposes of sub-section (1), a transaction or arrangement shall be considered an abuse if the entering into or the application of such transaction or arrangement results, or would but for this section have resulted, in a tax advantage being obtained for (i) a person other than a tonnage tax company ; or (ii) a tonnage tax company in respect of its non-tonnage tax activities. Explanation : For the purposes of this section, tax advantage includes, (i) the determination of the allowance for any expense or interest, or the determination of any cost or expense..... 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 : Direct Assessment or Recovery Not Barred.
State : Central
Year : 1961
Nothing in the foregoing sections in this Chapter shall prevent either the direct assessment of the person on whose behalf or for whose benefit income therein referred to is receivable, or the recovery from such person of the tax payable in respect of such income. View Complete Act List Judgments citing this sectionTitle : Payments to Non-resident Sportsmen or Sports Associations
State : Central
Year : 1961
Where any income referred to in section 115BBA is payable to a non-resident sportsman (including an athlete) who is not a citizen of India or a non-resident sports association or institution, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent. View Complete Act List Judgments citing this section