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Home Bare Acts Phrase: section 2cPublic Liability Insurance Act, 1991 Section 14
Title: Penalty for Contravention of Sub-section (1) or Sub-section (2) or Sub-section (2a) or Sub-section (2c) of Section 4 or Failure to Comply with Directions Under Section 12
State: Central
Year: 1991
14.Penalty for contravention of1[sub-section (1) or sub-section (2) or sub-section (2A) or sub-section (2C) of section 4 or failure to comply with directions under section 12 (1) Whoever contravenes any of the provisions of1[sub-section (1) or sub-section (2) or sub-section (2A) or sub-section (2C)] of section 4 or fails to comply with any direction issued under section 12, he shall be punishable with imprisonment for a term which shall not be less than one year and six months but which may extend to six years, or with fine which shall not be less than one lakh rupees, or with both. (2) Whoever, having already been convicted of an offence under sub-section (1), is convicted for the second offence or any offence subsequent to the second offence, he shall be punishable with imprisonment for a term which shall not be less than two years but which may extend to seven years and with fine which shall not be less than one lakh rupees. (3) Nothing contained in section 360 of the Code of Criminal Procedure, 1973 (2 of 1974), or in the Probation of Offenders Act, 1958 (20 of 1958), shall apply to a person convicted of an offence under this Act unless such person is under eighteen.....
View Complete Act List Judgments citing this sectionInsurance (Amendment) Act, 2002 Section 3
Title: Amendment of Section 2c
State: Central
Year: 2002
In section 2C of the principal Act, after sub-section (2), the following sub-section shall be inserted at the end, namely:-- "(3) Notwithstanding anything contained in sub-section (1), an insurance co-operative society may carry on any class of insurance business in India under this Act on or after the commencement of the Insurance (Amendment) Act, 2002.".
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 245D
Title: Procedure on Receipt of an Application Under Section 245c
State: Central
Year: 1961
.....the settlement shall be void if it is subsequently found by the Settlement Commission that it has been obtained by fraud or misrepresentation of facts. (6A) Where any tax payable in pursuance of an order under sub-section (4) is not paid by the assessee within thirty-five days of the receipt of a copy of the order by him, then, whether or not the Settlement Commission has extended the time for payment of such tax or has allowed payment thereof by instalments, the assessee shall be liable to pay simple interest at 9[one and one-fourth per cent for every month or part of a month] on the amount remaining unpaid from the date of expiry of the period of thirty-five days aforesaid. (7) Where a settlement becomes void as provided under sub-section (6), the proceedings with respect to the matters covered by the settlement shall be deemed to have been revived from the stage at which the application was allowed to be proceeded with by the Settlement Commission and the income-tax authority concerned, may, notwithstanding anything contained in any other provision of this Act, complete such proceedings at any time before the expiry of two years from the end of the financial year in.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Section 22D
Title: Procedure on Receipt of an Application Under Section 22c
State: Central
Year: 1957
.....the settlement shall be void if it is subsequently found by the Settlement Commission that it has been obtained by fraud or misrepresentation of facts. 11[(6A) Where any tax payable in pursuance of an order under sub-section (4) is not paid by the assessee within thirty-five days of the receipt of a copy of the order by him, then, whether or not the Settlement Commission has extended the time for payment of such tax or has allowed payment thereof by installments, the assessee shall be liable to pay simple interest at 17[one and one-fourth per cent. for every month or part of a month] on the amount remaining unpaid from the date or expiry of the period of thirty-five days aforesaid.] (7) Where a settlement becomes void as provided in sub-section (6) the proceedings with respect to the matters covered by the settlement shall be deemed to have been revived from the stage at which the application was allowed to be proceeded with by the Settlement Commission and the Wealth-lax authority concerned may, notwithstanding anything contained in any other provision of this Act, complete such proceedings at any time before the expiry of two years from the end of the financial year in.....
View Complete Act List Judgments citing this sectionFinance Act 1999 Section 35
Title: Amendment of Section 49
State: Central
Year: 1999
In section 49 of the Income-tax Act, after sub-section (2A), the following sub-sections shall be inserted with effect from the 1st day of April, 2000, namely :- '(2B) Where the capital gain arises from the transfer of the specified security referred to in sub-clause (iiia) of clause (2) of section 17, the cost of acquisition of such specified security shall be the fair market value on the date of exercise of option. (2C) The cost of acquisition of the shares in the resulting company shall be the amount which bears to the cost of acquisition of shares held by the assessee in the demerged company the same proportion as the net book value of the assets transferred in a demerger bears to the net worth of the demerged company immediately before such demerger. (2D) The cost of acquisition of the original shares held by the shareholder in the demerged company shall be deemed to have been reduced by the amount as so arrived at under sub-section (2C). Explanation. - For the purposes of this section, "net worth" shall mean the aggregate of the paid up share capital and general reserves as appearing in the books of account of the demerged company immediately before the demerger.'. .....
View Complete Act List Judgments citing this sectionFinance Act 2007 Section 69
Title: Insertion of New Sections 245ha and 245haa
State: Central
Year: 2007
.....Commission.-- (1) Where-- (i) an application made under section 245C on or after the 1st day of June, 2007 has been rejected under sub-section (1) of section 245D; or (ii) an application made under section 245C has not been allowed to be proceeded with under sub-section (2A) or further proceeded with under subsection (2D) of section 245 D; or (iii) an application made under section 245C has been declared as invalid under sub-section (2C) of section 245D; or (iv) in respect of any other application made under section 245C, an order under sub-Section (4) of section 245D has not been passed within the time or period specified under sub-section (4A) of section 245D, the proceedings before the Settlement Commission shall abate on the specified date. Explanation.--For the purposes of this sub-section, "specified date" means-- (a) in respect of an application referred to in clause (i), the day on which the application was rejected; (b) in respect of an application referred to in clause (ii'), the 31st day of July, 2007; (c) in respect of an application referred to in clause (iii), the last day of the month in which the application was declared invalid; .....
View Complete Act List Judgments citing this sectionFinance Act 2007 Section 91
Title: Insertion of New Sections 22ha and 22haa
State: Central
Year: 2007
.....settlement Commission.--(1) Where,-- (i) an application made under section 22C on or after the 1st day of June, 2007 has been rejected under sub-section (1) of section 22D; or (ii) an application made under section 22C has not been allowed to be proceeded with under sub-section (2A) or further proceeded with under subsection (2D) of section 22D; or (iii) an application made under section 22C has been declared as invalid under sub-section (2C) of section 22D; or (iv) in respect of any other application made under section 22C, an order under sub-section (4) of section 22D has not been passed within the time or period specified under sub-section (4A) of section 22D, the proceedings before the Settlement Commission shall abate on the specified date. Explanation.--For the purposes of this sub-section, "specified date" means-- (a) in respect of an application referred to in clause (i), the date on which the application was rejected; (b) in respect of an application referred to in clause (ii), the 31st day of July, 2007; (c) in respect of an application referred to in clause (iii), the last day of the month in which the application was declared invalid; (d) in.....
View Complete Act List Judgments citing this sectionFinance Act 2008 Section 31
Title: Amendment of Section 142
State: Central
Year: 2008
In section 142 of the Income-tax Act, in sub-section (2C), in the proviso, for the words on an application, the words suo motu, or on an application shall be substituted.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006 Section 2
Title: Amendment of Section 3
State: Central
Year: 2006
.....Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970(5 of 1970) (hereafter in this Chapter referred to as the Bank Nationalisation Act),-- (a) in sub-section (2B), for clause (c), the following shall be substituted, namely:-- "(c) such amounts as the Board of Directors of the corresponding new bank may, after consultation with the Reserve Bank and with the previous sanction of the Central Government, raise whether by public issue or preferential allotment or private placement, of equity shares or preference shares in accordance with the procedure as may be prescribed, so, however, that the Central Government shall, at all times hold not less than fifty-one per cent. of the paid-up capital consisting of equity shares of each corresponding new bank: Provided that the issue of preference shares shall be in accordance with the guidelines framed by the Reserve Bank specifying the class of preference shares, the extent of issue of each class of such preference shares (whether perpetual or irredeemable or redeemable) and the terms and conditions subject to which, each class of preference shares may be issued."; (b) in sub-sections (2BB) and (2BBA), for the.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006 Section 8
Title: Amendment of Section 3
State: Central
Year: 2006
.....(Acquisition and Transfer of Undertakings) Act, 1980(40 of 1980) [hereafter in this Chapter referred to as the Bank (Second) Nationalisation Act],-- (a) in sub-section (2B), for clause (c), the following shall be substituted, namely;-- "(c) such amounts as the Board of Directors of the corresponding new bank may, after consultation with the Reserve Bank and with the previous sanction of the Central Government, raise whether by public issue or preferential allotment or private placement, of equity shares or preference shares in accordance with the procedure as may be prescribed, so, however, that the Central Government shall, at all times hold not less than fifty-one per cent. of the paid-up capital consisting of equity shares of each corresponding new bank: Provided that the issue of preference shares shall be in accordance with the guidelines framed by the Reserve Bank specifying the class of preference shares, the extent of issue of each class of such preference shares (whether perpetual or irredeemable or redeemable) and the terms and conditions subject to which, each class of preference shares may be issued."; (b) in sub-sections (2BB) and (2BBA), for the.....
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