Bare Act Search Results

Income Tax Act, 1961 Section 92C

Title: Computation of Arms Length Price.

State: Central

Year: 1961

.....to the nature of transaction or class of transaction or class of associated persons or functions performed by such persons or such other relevant factors as the Board may prescribe2, namely : (a) comparable uncontrolled price method ; (b) resale price method ; (c) cost plus method ; (d) profit split method ; (e) transactional net margin method ; (f) such other method as may be prescribed3 by the Board. (2) The most appropriate method referred to in sub-section (1) shall be applied, for determination of arms length price, in the manner as may be prescribed4: 5[Provided that where more than one price is determined by the most appropriate method, the arms length price shall be taken to be the arithmetical mean of such prices: Provided further that if the variation between the arms length price so determined and price at which the international transaction has actually been undertaken does not exceed five per cent. of the latter, the price at which the international transaction has actually been undertaken shall be deemed to be the arms length price.] (3) Where during the course of any proceeding for the assessment of income, the Assessing Officer is, on the.....

Income Tax Act, 1961 Section 92

Title: Computation of Income from International Transaction Having Regard to Arms Length Price

State: Central

Year: 1961

.....on the basis of entries made in the books of account in respect of the previous year in which the international transaction was entered into.] _______________________ 1. Substituted by the Finance Act, 2002, with effect from 1st April, 2002. (This section was earlier substituted by the Finance Act, 2001, with effect from the same date, i.e., 1st April, 2002). Prior to such substitution, this section stood as under : 92. Income from transactions with non-residents, how computed in certain cases. Where a business is carried on between a resident and a non-resident and it appears to the Assessing Officer that, owing to the close connection between them, the course of business is so arranged that the business transacted between them produces to the resident either no profits or less than the ordinary profits which might be expected to arise in that business, the Assessing Officer shall determine the amount of profits which may reasonably be deemed to have been derived therefrom and include such amount in the total income of the resident.

Standards of Weights and Measures Act, 1976 Section 5

Title: Base Unit of Length

State: Central

Year: 1976

(1) The base unit of length shall be the metre. (2) The "metre" is the length equal to 1650 763.73 wave lengths in vacuum of the radiation corresponding to the transition between the levels 2p10 and 5d5 of the krypton-86 atom.

Income Tax Act, 1961 Section 92F

Title: Definitions of Certain Terms Relevant to Computation of Arms Length Price, Etc.

State: Central

Year: 1961

.....92, 92A, 92B, 92C, 92D and 92E, unless the context otherwise requires (i) accountant shall have the same meaning as in the Explanation below sub-section (2) of section 288 ; (ii) arms length price means a price which is applied or proposed to be applied in a transaction between persons other than associated enterprises, in uncontrolled conditions ; (iii) enterprise means a person (including a permanent establishment of such person) who is, or has been, or is proposed to be, engaged in any activity, relating to the producton, storage, supply, distribution, acquisition or control of articles or goods, or know-how, patents, copyrights, trade-marks, licences, franchises or any other business or commercial rights of similar nature, or any data, documentation, drawing or specification relating to any patent, invention, model, design, secret formula or process, of which the other enterprise is the owner or in respect of which the other enterprise has exclusive rights, or the provision of services of any kind 2[or in carrying out any work in pursuance of a contract], or in investment, or providing loan or in the business of acquiring, holding, underwriting or dealing with shares,.....

Trade and Merchandise Marks Act, 1958 Complete Act

State: Central

Year: 1958

.....adapted in relation to any goods to distinguish, in the course of trade, goods certified by any person in respect of origin, material, mode of manufacture, quality, accuracy or other characteristic, from goods not so certified and registrable as such under the provisions of Chapter VIII in respect of those goods in the name as proprietor of the certification trade mark, of that person; (d) "deceptively similar" :- A mark shall be deemed to be deceptively similar to another mark if it so nearly resembles that other mark is to be likely to deceive or cause confusion; (e) "District Court" has the meaning assigned to it in the Code of Civil Procedure, 1908 (5 of 1908); (f) "false trade description" means- (i) a trade description which is untrue or misleading in a material respect as regards the goods to which it is applied; or (ii) any alteration of a trade description as regards the goods to which it is applied, whether by way of addition, effacement or otherwise where that alteration makes the description untrue or misleading in a material respect; or (iii) any trade description which denotes or implies that there are: contained, as regards the goods to which it is applied, more.....

Central Excise Tariff Act, 1985 Chapter 24

Title: Tobacco and Manufactured Tobacco Substitutes

State: Central

Year: 1985

.....from bulk packs to retail packs or the adoption of any other treat­ment to render the product marketable to the consumer, shall amount to 'manufacture'. 4. In this Chapter, "Pan masala containing tobacco", commonly known as 'gutkha' or by any other name, included in tariff item 2403 99 90, means any preparation containing betel-nuts and tobacco and any one or more of the following ingredients, namely:- (i) lime; and (ii) kattha (catechu), whether or not containing any other ingredients, such as cardamom, copra and menthol. SUPPLEMENTRY NOTES For the purposes of this Chapter: (1) "tobacco" means any form of tobacco, whether cured or uncured and whether manufactured or not, and includes the leaf, stalks and stems of the tobacco plant, but does not include any part of a tobacco plant while still attached to the earth. (2) "cut-tobacco" means the prepared or processed cut-to-size tobacco which is gen­erally blended or moisturised to a desired extent for use in the manufacture of machine-rolled cigarettes. (3) "smoking mixtures for pipes and cigarettes" of sub-heading 2403 10 does not cover " Gudaku". Tariff Item Description of.....

Customs Tariff Act 1975 Chapter 24

Title: Tobacco and Manufactured Tobacco Substitutes

State: Central

Year: 1975

.....30). SUPPLEMENTARY NOTES For the purposes of this Chapter: (1) tobacco means any form of tobacco, whether cured or uncured and whether manufactured or not, and includes the leaf, stalks stems of the tobacco plant, but does not include any part of a tobacco plant while still attached to the earth. (2) cut-tobacco means the prepared or processed cut-to-size tobacco which is generally blended or moisturised to a desired extend for use in the manufacture of machine-rolled cigarettes. (3) smoking mixtures for pipes and cigarettes of sub-heading 2403 10 does not cover Gudaku. Tariff Item Description of goods Unit Rate of duty Std. Prefnl. Areas (1) (2) (3) (4) (5) 2401 Unmanufactured tobacco; tobacco refuse 2401 10 - Tobacco, not stemmed or stripped: 2401 10 10 --- Flue cured virginia tobacco kg. 30% - 2401 10 20 --- Sun cured country (natu) tobacco kg. .....

Finance (No. 2) Act, 1996 Complete Act

State: Central

Year: 1996

.....any duty has not been levied or has been short levied or erroneously refunded by reason of collusion or any wilful mis-statement or suppression of facts, the person who is liable to pay the duty as determined under sub-section (2) of Section 28-, shall, in addition to the duty, be liable to pay interest at such rate not below ten per cent and not exceeding thirty per cent per annum, as is for the time being fixed by the Board, from the first day of the month succeeding the month in which the duty ought to have been paid under this Act, or from the date of such erroneous refund, as the case may be, but for the provisions contained in sub-section (2) of Section 28-, till the date of payment of such duty. SECTION 63: AMENDMENT OF SECTION 46 -In Section 46 of the Customs Act-, in sub-section (3), for the second proviso, the following proviso shall be substituted, namely :- "Provided further that a bill of entry may be presented even before the delivery of such manifest if the vessel or the aircraft by which the goods have been shipped for importation into India is expected to arrive within thirty days from the date of such presentation.". SECTION 64: INSERTION OF NEW SECTION 114A.....

Income Tax Act, 1961 Chapter X

Title: Special Provisions Relating to Avoidance of Tax

State: Central

Year: 1961

.....executive directors or members of the governing board, of each of the two enterprises are appointed by the same person or persons ; or (g) the manufacture or processing of goods or articles or business carried out by one enterprise is wholly dependent on the use of know-how, patents, copyrights, trade-marks, licences, franchises or any other business or commercial rights of similar nature, or any data, documentation, drawing or specification relating to any patent, invention, model, design, secret formula or process, of which the other enterprise is the owner or in respect of which the other enterprise has exclusive rights ; or (h) ninety per cent or more of the raw materials and consumables required for the manufacture or processing of goods or articles carried out by one enterprise, are supplied by the other enterprise, or by persons specified by the other enterprise, and the prices and other conditions relating to the supply are influenced by such other enterprise ; or (i) the goods or articles manufactured or processed by one enterprise, are sold to the other enterprise or to persons specified by the other enterprise, and the prices and other conditions relating thereto.....

Motor Vehicles Act, 1988 Complete Act

State: Central

Year: 1988

.....of either of which or a motor car or tractor or road-roller the unladen weight of any of which, does not exceed 2 [7500] kilograms; 3 [(2lA) "manufacturer" means a person who is engaged in the manufacture of motor vehicles;] (22) "maxicab" means any motor vehicle constructed or adapted to carry more than six passengers, but not more than twelve passengers, excluding the driver, for hire or reward; (23) "medium goods vehicle" means any goods carriage other than a light motor vehicle or a heavy goods vehicle: (24) "medium passenger motor vehicle" means any public service vehicle or private service vehicle, or educational institution bus other than a motor cycle, invalid carriage, light motor vehicle or heavy passenger motor vehicle; (25) "motorcab" means any molor vehicle constructed or adapted to carry not more than six passengers excluding the driver for hire or reward; (26) "motor car" means any molor vehicle other than a transport vehicle, omnibus, road-roller, tractor, motor cycle or invalid carriage; (27) "motor cycle" means a two-wheeled motor vehicle, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle; (28) "motor vehicle" or.....