Bare Act Search Results

Income Tax Act, 1961 Section 245E

Title: Power of Settlement Commission to Reopen Completed Proceedings

State: Central

Year: 1961

.....and pass such order thereon as it thinks fit, as if the case in relation to which the application for settlement had been made by the applicant under that section covered such proceeding also : Provided that no proceeding shall be reopened by the Settlement Commission under this section if the period between the end of the assessment year to which such a proceeding relates and the date of application for settlement under section 245C exceeds nine years. 1[Provided further that no proceeding shall be reopened by the Settlement Commission under this section in a case where an application under section 245C is made on or after the 1st day of June, 2007.] ___________________ 1. Inserted by the Finance Act, 2007, with effect from 1st June, 2007.

Central Excise Act, 1944 Section 32H

Title: Power of Settlement Ommission to Reopen Completed Proceedings

State: Central

Year: 1944

If the Settlement Commission is of the opinion (the reasons for such opinion to be recorded by it in writing) that, for the proper disposal of the case pending before it, it is necessary or expedient to reopen any proceeding connected with the case but which has been completed under this Act before application for settlement under section 32E was made, it may, with the concurrence of the applicant, reopen such proceeding and pass such order thereon as it thinks fit, as if the case in relation to which the application for settlement had been made by the applicant under that section covered such proceeding also: Provided that no proceeding shall be reopened by the Settlement Commission under this section after the expiry of five years from the date of application. 1[Provided further that no proceeding shall be reopened by the Settlement Commission under this section in a case where an application under section 32E is made on or after the 1st day of June, 2007.] _______________________ 1. Shall be inserted by the Finance Act, 2007, w.e.f. 01.06.2007.

Customs Act, 1962 Section 127E

Title: Power of Settlement Commission to Reopen Completed Proceedings

State: Central

Year: 1962

If the Settlement Commission is of the opinion (the reasons for such opinion to be recorded by it in writing) that, for the proper disposal of the case pending before it, it is necessary or expedient to reopen any proceeding connected with the case but which has been completed under this Act before application for settlement under section 127B was made, it may, with the concurrence of the applicant, reopen such proceeding and pass such order thereon as it thinks fit, as if the case in relation to which the application for settlement had been made by the applicant under that section covered such proceeding also: Provided that no proceeding shall be reopened by the Settlement Commission under this section after the expiry of five years from the date of application under sub-section (1) of section 127B. 1[Provided further that no proceeding shall be reopened by the Settlement Commission under this section in a case where an application under section 127B is made on or after the 1st day of June, 2007.] __________________________ 1. Shall be inserted by the Finance Act, 2007, w.e.f. 01.06.2007.

Karnataka Money-lenders Act, 1961 Section 32

Title: Reopening of Transactions

State: Karnataka

Year: 1961

Notwithstanding anything contained in any law for the time being in force, the Court shall, in any suit to which this Act applies, whether heard ex parte or otherwise,-- (a) reopen any transaction, or any account already taken between the parties; (b) take an account between the parties; (c) reduce the amount charged to the debtor in respect of any excessive interest; (d) if on taking accounts it is found that the money-lender has received more than what is due to him, pass a decree in favour of the debtor in respect of such amount: Provided that in the exercise of these powers, the Court shall not,- (i) reopen any adjustment or agreement purporting to close previous dealings and to create new obligations which have been entered into by the parties or any person through whom they claim at a date more than six years from the date of the suit; (ii) do anything which affects any decree of a Court. Explanation.--For the purpose of this section "excessive interest" means interest at a rate which contravenes any of the provisions of section 28.

Displaced Persons (Debts Adjustment) Act, 1951 Section 51

Title: Compromises or Arrangements Between Banks and their Debtors Not to Be Reopened in Certain Cases

State: Central

Year: 1951

Notwithstanding anything contained in this Act, no compromise or arrangement arrived at, whether before or after the commencement of this Act, between a displaced debtor and a bank relating to the repayment, discharge or satisfaction of any debt owing by the displaced debtor to the bank shall be reopened by the Tribunal, and nothing contained in this Act shall affect any such compromise or arrangement: Provided that there is in force in respect of the bank compromise or arrangement between it and its own creditors or any class of such creditors which has been duly sanctioned by the court under section 153 of the Indian Companies Act, 1913 (VII of 1913): and Provided further that the particulars specified in clause (c), (cc), (Ccc), (I) (q), and (S) of the proviso to sub-section (1) of section 60 of the Code of Civil Procedure, 1908 (Act V of 1908), as amended by section 31 of this Act, shall not be liable to attachment or sale in any proceeding against the displaced debtor.

Displaced Persons Debts Adjustment Act, 1951 Section 51

Title: Compromises or Arrangements Between Banks and their Debtors Not to Be Reopened in Certain Cases

State: Central

Year: 1951

Notwithstanding anything contained in this Act, no compromise or arrangement arrived at, whether before or after the commencement of this Act, between a displaced debtor and a bank relating to the repayment, discharge or satisfaction of any debt owing by the displaced debtor to the bank shall be reopened by the Tribunal, and nothing contained in this Act shall affect any such compromise or arrangement: Provided that there is in force in respect of the bank compromise or arrangement between it and its own creditors or any class of such creditors which has been duly sanctioned by the court under section 153 of the Indian Companies Act, 1913 (VII of 1913): and Provided further that the particulars specified in clause (c), (cc), (Ccc), (I) (q), and (S) of the proviso to sub-section (1) of section 60 of the Code of Civil Procedure, 1908 (Act V of 1908), as amended by section 31 of this Act, shall not be liable to attachment or sale in any proceeding against the displaced debtor.

Bombay Money-lenders Act, 1946, (Maharashtra) Section 29

Title: Reopening of Transactions

State: Maharashtra

Year: 1946

Notwithstanding anything contained in any law for the time being in force the Court shall, in any suit to which this Act applies, whether heard exparte or otherwise-- (a) re-open any transaction, or any account already taken between the parties; (b) take an account between the parties; (c) reduce the amount charged to the debtor in respect of any excessive interest; (d) if on taking accounts it is found that the money-lender has received more than what it is due to him pass a decree in favour of the debtor in respect of such amount: Provided that in the exercise of these powers, the Court shall not- (i) reopen any adjustment or agreement purporting to close previous dealings and to create new obligations which have been entered into by the parties or any person through whom they claim at a date more than six years from the date of the suit; (ii) do anything which affects any decree of a Court. Explanation. -For the purpose of this section "excessive interest" means interest at a rate which contravenes any of the provisions of section 25.

Income Tax Act, 1961 Complete Act

State: Central

Year: 1961

.....data stored in a floppy, disc, tape or any other form of electro-magnetic data storage device;] (13) "business" includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture; (14)"capital asset" means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include- (i) any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession; 29 The following shall be substituted by the Finance Act, 2007, w.e.f. 01.04.2008. "(ii) personal effects, that is to say, movable property (including wearing apparel and furniture) held for personal use by the assessee or any member of his family dependent on him, but excludes- (a) jewellery; (b) archaeological collections; (c) drawings; (d) paintings; (e) sculptures; or (f) any work of art. Explanation.--For the purposes of this sub-clause, "jewellery" includes-- (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn.....

Finance (No. 2) Act, 1998 Complete Act

State: Central

Year: 1998

.....(c) in clause (15), in sub-clause (iv), in the Explanation, after clause (a), the following clause shall be inserted, namely :- "(aa) the manufacture of computer software or recording of programme on any disc, tape, perforated media or other infor- mation device; or" (d) clause (18A) shall be omitted; (e) clauses (22) and (22.4) shall be omitted; (f) in clause (23C)- (A) after sub clause (iiia), the following sub-clauses shall be inserted, namely - "(iiiab) any university or other educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government; or (iiiiac) any hospital or other institution for the reception and treat- ment of persons suffering from illness or mental defective - ness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, and which is wholly or substantially financed by the Government; or (iiiad) any university or other educational institution existing solely for educational purposes and not for purposes of profit if.....

Bengal Moneylenders Act, 1940 Complete Act

State: West Bengal

Year: 1940

.....being disqualified for holding a licence, applies for or obtains a licence during the pendency of such disqualification, without disclosing the fact thereof, shall be punishable, on conviction, with imprisonment which may extend to three months or with fine which may extend to five hundred rupees or with both, and any licence so obtained shall not be deemed to be an effective licence. (2) Whoever obliterates or causes to be obliterated or attempts to obliterate an endorsement entered on a licence under this Act or abets such obliteration or attempt shall be punishable, on conviction, with imprisonment which may extend to three months or with fine which may extend to five hundred rupees- or with both. CHAPTER 4 Regulation of accounts of Money-lenders Section 24 Duty of money-lender to keep accounts (1) Every money-lender shall keep and maintain at least a cash book, a ledger and a receipt book in such form or forms as may be prescribed, and the same shall be written in Bengali or English in the regular course of business. (2) Every money-lender shall (a) deliver to the borrower at the time a loan is advanced a statement in Bengali or English as the borrower may desire,.....