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

INCOME TAX ACT, 1961 INCOME TAX ACT, 1961 43 of 1961 [AS AMENDED BY FINANCE ACT, 2003] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows : CHAPTER 1 PRELIMINARY Section 1 Short title, extent and commencement (1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. Section 2 Definitions 1 Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;] 2 Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1A)] 3 For manner of computation of income which is partially agricultural and partially frombusiness, see rules 7, 7A, 7B and 8. For analysis, see Mashbra's Income-tax Rules."agricultural income" means - 4 Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962.[(a) any rent or revenue derived from land which is situated in India and is used for.....

Finance (No. 2) Act, 1998 Complete Act

State: Central

Year: 1998

FINANCE (NO. 2) ACT, 1998 FINANCE (NO. 2) ACT, 1998 21 of 1998 An Act to give effect to the financial proposals of the Central Government for the financial year 1998-99 BE it enacted by Parliament in the Forty-ninth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance (No. 2) Act, 1998. (2) Save as otherwise provided in this Act, sections 2 to 98 (except section 51) shall be deemed to have come into force on the 1st day of April, 1998. SECTION 02: INCOME -TAX (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 1998, income-tax shall be charged at the rates specified in Part I of the First Schedule. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding six hundred rupees, in addition to total income, and the total income exceeds forty thousand rupees, then,- (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in.....

Bengal Moneylenders Act, 1940 Complete Act

State: West Bengal

Year: 1940

.....Societies Act, 1912, or any 55. Words subs. for the words "Act of the Provincial Legislature" by "the Adaptation" of Laws Order, 1950. [Provincial Act or Act of the State Legislature], for the time being in force, relating to such societies; (7) "insurance company" means (a) in relation to any loan advanced before the commencement of the Insurance Act, 1938, an insurance company within the meaning of the Indian Insurance Companies Act, 1928, and (b) in relation to any loan advanced after the commencement of the Insurance Act, 1938, an insurance company within the meaning of that Act; (8) "interest" includes any sum by whatsoever name called, in excess of the principal paid or payable to a lender in consideration of, or otherwise in respect of, a loan whether the same is charged or sought to be recovered specifically by way of interest or otherwise, but does not include any sum lawfully charged by a lender in accordance with the provisions of this Act or any other law for the time being in forec for or on account of costs, charges or expenses; (9) "lender" means a person who advances a loan and includes a moneylender; (10) "licence" means a licence granted under this Act; .....