Bare Act Search Results

Interest Act, 1978 Section 3

Title: Power of Court to Allow Interest

State: Central

Year: 1978

.....satisfied that there are special reasons why no interest should be given in respect of those damages. (3) Nothing in this section,-- (a) shall apply in relation to-- (i) any debt or damages upon which interest is payable as of right, by virtue of any agreement; or (ii) any debt or damages upon which payment of interest is barred, by virtue of an express agreement; (b) shall affect-- (i) the compensation recoverable for the dishonour of a bill of exchange, promissory note or cheque, as defined in the Negotiable Instruments Act, 1881 (26 of 1881); or (ii) the provisions of rule 2 of Order II of the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908); (c) shall empower the court to award interest upon interest.

Interest Act, 1978 Complete Act

State: Central

Year: 1978

.....used herein but not defined and defined inthe Reserve Bank of India Act, 1934-, shall have the meanings respectively assigned to them in that Act. SECTION 03: POWER OF COURT TO ALLOW INTEREST (1) In any proceedings for the recovery of any debt or damages or in any proceedings in which a claim for interest in respect of any debt or damages already paid is made, the Court may, if it thinks fit, allow interest to the person entitled to the debt or damages or to the person making such claim, as the case may be, at a rate not exceeding the current rate of interest, for the whole or part of the following period, that is to say,- (a) if the proceedings relate to a debt payable by virtue of a written instrument at a certain time, then, from the date when the debt is payable to the date of institution of the proceedings; (b) if the proceedings do not relate to any such debt, then, from the date mentioned in this regard in a written notice given by the person entitled or the person making the claim to the person liable that interest will be claimed, to the date of institution of the proceedings: Provided that where the amount of the debt or damages has been repaid before the.....

Interest Tax Act, 1974 Complete Act

Title: Interest Tax Act, 1974

State: Central

Year: 1974

.....of chargeable interest Section14 - Opportunity of being heard Section15 - Appeals to the Appellate Assistant Commissioner Section15A - Omitted Section16 - Appeals to Appellate Tribunal Section17 - Rectification of mistakes Section18 - Interest-tax deductible in computing total income under, the Income-tax Act Section19 - Revision of order prejudicial to revenue Section20 - Revision of orders by Commissioner Section21 - Application of provisions of Income-tax Act Section22 - Income-tax papers to be available for the purposes of this Act Section23 - Failure to comply with notices Section24 - False statements Section25 - Willful attempt to evade tax, etc Section26 - Abetment of false returns, etc Section26A - Offences by credit institutions Section26B - Institution of proceedings and composition of offences Section26C - Power of credit institutions to vary certain agreements Section27 - Power to make rules Section28 - Power to Exempt Section29 - Power to remove difficulty Section30 - [Repealed]

Interest Act, 1978 Complete Act

Title: Interest Act, 1978

State: Central

Year: 1978

Preamble1 - INTEREST ACT, 1978 Section1 - Short title, extent and commencement Section2 - Definitions Section3 - Power of court to allow interest Section4 - Interest payable under certain enactments Section5 - Section 34 of the Code of Civil Procedure, 1908 to apply Section6 - Repeal and saving

Interest Tax Act, 1974 Complete Act

State: Central

Year: 1974

.....which carries on exclusively, or almost exclusively, two or more classes of business referred to in the preceding sub-clauses;] (6) "Income-tax Act" means the Income-tax Act, 1961; 2[(7) "interest" means interest on loans and advances made in India and includes - (a) commitment charges on unutilised portion of any credit sanctioned for being availed of in India; and (b) discount on promissory notes and bills of exchange drawn or made in India, but does not include - (i) interest referred to in sub-section (1B) ofSection 42 of the Reserve Bank of India Act, 1934- (ii) discount on treasury bills;] (8) "prescribed" means prescribed by rules made under this Act; 3[(9) x x x ] (10) all other words and expressions used herein but not defined and defined in the Income-tax Act shall have the meanings respectively assigned to them in that Act. SECTION 03: TAX AUTHORITIES - 6[(1) The Income-tax authorities specified inSection 116 of the Income-tax Act-shall be the interest-tax authorities for the purposes of this Act. (1A) .Every such authority shall exercise the powers and perform the functions of an interest-tax authority under this Act in respect of any person within his.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter III

Title: Enforcement of Security Interest

State: Central

Year: 2002

.....management of the business of the borrower shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with the borrower. (2) Nothing contained in sub-section (1) shall affect the right of any such managing director or any other director or manager of any such person in charge of management to recover from the business of the borrower, moneys recoverable otherwise than by way of such compensation. Section 17 - Right to appeal (1) Any person (including borrower), aggrieved by any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor or his authorised officer under this Chapter,1[may make an application along with such fee, as may be prescribed,] to the Debts Recovery Tribunal having jurisdiction in the matter within forty-five days from the date on which such measure had been taken. 2["Provided that different fees may be prescribed for making the application by the borrower and the person other than the borrower. Explanation- For the removal of doubts, it is hereby declared that the communication of reasons to the borrower by the.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 13

Title: Enforcement of Security Interest

State: Central

Year: 2002

.....secured creditor of such company, who opts to realise his security instead of relinquishing his security and proving his debt under proviso to subsection (1) of section 529 of the Companies Act, 1956, may retain the sale proceeds of his secured assets after depositing the workmen's dues with the liquidator in accordance with the provisions of section 529A of that Act; Provided also that the liquidator referred to in the second proviso shall intimate the secured creditor the workmen's dues in accordance with the provisions of section 529A of the Companies Act, 1956 and in case such workmen's dues cannot be ascertained, the liquidator shall intimate the estimated amount of workmen's dues under that section to the secured creditor and in such case the secured creditor may retain the sale proceeds of the secured assets after depositing the amount of such estimated dues with the liquidator: Provided also that in case the secured creditor deposits the estimated amount of workmen's dues, such creditor shall be liable to pay the balance of the workmen's dues or entitled to receive the excess amount, if any, deposited by the secured creditor with the liquidator: Provided also.....

Interest Tax Act, 1974 Section 7

Title: Return of Chargeable Interest

State: Central

Year: 1974

.....forth such other particulars as may be prescribed.] (3) Any assessee who has not furnished a return within the time allowed under sub­section (1) or sub-section (2), or having furnished a return under sub-section (1) or sub­section (2), discovers any omission or wrong statement therein, may furnish a return or a revised return, as the case may be, at any time2[before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.] ___________________________ 1. Substituted by Finance (No. 2) Act (49 of 1991), Section. 96 (1-10-91). 2. Substituted for the words "before the assessment is made" by Finance (No. 2) Act (49 of 1991), Section. 96 (1-10-91).

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 5

Title: Acquisition of Rights or Interest in Financial Assets

State: Central

Year: 2002

.....bank or financial institution shall vest in such company in relation to such financial assets. (3) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powers-of-attorney, grants of legal representation, permissions, approvals, consents or no-objections under any law or otherwise and other instruments of whatever nature which relate to the said financial asset and which are subsisting or having effect immediately before the acquisition of financial asset under sub-section (1) and to which the concerned bank or financial institution is a party or which are in favour of such bank or financial institution shall, after the acquisition of the financial assets, be of as full force and effect against or in favour of the securitisation company or reconstruction company, as the case may be, and may be enforced or acted upon as fully and effectually as if, in the place of the said bank or financial institution, securitisation company or reconstruction company, as the case may be, had been a party thereto or as if they had been issued in favour of securitisation company or reconstruction company, as the case may be. (4) If, on the date of.....

Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Section 4

Title: Date from Which and Rate at Which Interest is Payable

State: Central

Year: 1993

Section 4 - Date from which and rate at which interest is payable 1 [4. Date from which and rate at which interest is payable Where any buyer fails to make payment of the amount to the supplier, as required under section 3, the buyer shall, notwithstanding anything contained in any agreement between the buyer and the supplier or in any law for the time being in force, be liable to pay interest to the supplier on that amount from the appointed day or, as the case may be, from the date immediately following the date agreed upon, at one-and-a-half time of Prime Lending Rate charged by the State Bank of India. Explanation.--For the purposes of this section, "Prime Lending Rate" means the Prime Lending Rate of the Stale Bank of India which is available to the best borrowers of the bank.] ______________________ 1. Substituted by Act 23 of 1998, sec. 4, for Section 4 (w.e.f. 10-8-1998).