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Start Free TrialFinance Act 1979 Chapter III
Title: Direct Taxes
State: Central
Year: 1979
.....in this clause shall be construed to exempt from tax the income of any trust, endowment or society referred to therein;. Section 4 - Amendment of Section 35B In section 35B of the Income-tax Act, with effect from the 1st day of April, 1980, - (a) in sub-section (1), in clause (b), in sub-clause (i), the words, figures and letters, ", where expenditure is incurred before the 1st day of April, 1978" shall be omitted; (b) sub-section (1A) shall be omitted. Section 5 - Amendment of Section 35CCA In section 35CCA of the Income-tax Act, with effect from the 1st day of June, 1979, - (a) for sub-section (1), the following sub-section shall be substituted, namely :- "(1) Where an assessee incurs any expenditure by way of payment of any sum - (a) to an association or institution, which has as its object the undertaking of any programme of rural development, to be used for carrying out any programme of rural development approved by the prescribed authority; or (b) to an association or institution, which has as its object the training of persons for implementing programmes of rural development, the assessee shall, subject to the provisions of sub-section (2), be.....
View Complete Act List Judgments citing this sectionFinance Act 1979 Section 20
Title: Amendment of Section 245d
State: Central
Year: 1979
In section 245D of the Income-tax Act, - (a) in sub-section (1), the second proviso shall be omitted; (b) after sub-section (1), the following sub-section shall be inserted, namely :- "(1A) Notwithstanding anything contained in sub-section (1), an application shall not be proceeded with under that sub-section if the Commissioner objects to the application being proceeded with on the ground that concealment of particulars of income on the part of the applicant or perpetration of fraud by him for evading any tax or other sum chargeable or imposable under the Indian Income-tax Act, 1922 (11 of 1922), or under this Act, has been established or is likely to be established by any income-tax authority, in relation to the case : Provided that where the Settlement Commission is not satisfied with the correctness of the objection raised by the Commissioner, the Settlement Commission may, after giving the Commissioner an opportunity of being heard, by order, allow the application to be proceeded with under sub-section (1) and send a copy of its order to the Commissioner.".
View Complete Act List Judgments citing this sectionFinance Act 1979 Section 24
Title: Amendment of Section 22d
State: Central
Year: 1979
In section 22D of the Wealth-tax Act, - (a) in sub-section (1), the second proviso shall be omitted; (b) after sub-section (1), the following sub-section shall be inserted, namely :- "(1A) Notwithstanding anything contained in sub-section (1), an application shall not be proceeded with under that sub-section if the Commissioner objects to the application being proceeded with on the ground that concealment of particulars of the net wealth on the part of the applicant or perpetration of fraud by him for evading any tax or other sum chargeable or imposable under this Act has been established or is likely to be established by any wealth-tax authority, in relation to the case : Provided that where the Settlement Commission is not satisfied with the correctness of the objection raised by the Commissioner, the Settlement Commission may, after giving the Commissioner an opportunity of being heard, by order, allow the application to be proceeded with under sub-section (1) and send a copy of its order to the Commissioner.".
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