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Finance Act 1999 Section 65

Title: Amendment of Section 154

State: Central

Year: 1999

In section 154 of the Income-tax Act, in sub-section (1), for clause (b), the following clause shall be substituted with effect from the 1st day of June, 1999, namely :- "(b) amend any intimation or deemed intimation under sub-section (1) of section 143. ".

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Finance Act 1999 Section 86

Title: Amendment of Section 254

State: Central

Year: 1999

In section 254 of the Income-tax Act, with effect from the 1st day of June, 1999, - (a) after sub-section (2), the following sub-sections shall be inserted, namely :- "(2A) In every appeal, the Appellate Tribunal, where it is possible, may hear and decide such appeal within a period of four years from the end of the financial year in which such appeal is filed under sub-section (1) of section 253. (2B) The cost of any appeal to the Appellate Tribunal shall be at the discretion of that Tribunal. "; (b) in sub-section (4), for the word and figures "section 256", the words, figures and letter "section 256 or section 260A" shall be substituted.

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Finance Act 1999 Section 94

Title: Amendment of Section 24

State: Central

Year: 1999

In section 24 of the Wealth-tax Act, with effect from the 1st day of June, 1999, - (a) in sub-section (4), the following proviso shall be inserted at the end, namely :- "Provided that in the case of an appeal not relatable to net wealth as computed by the Assessing Officer, the appeal shall be accompanied by a fee of five hundred rupees. "; (b) after sub-section (5), the following sub-sections shall be inserted, namely :- "(5A) In every appeal, the Appellate Tribunal, where it is possible, may hear and decide such appeal within a period of four years from the end of the financial year in which such appeal is filed under sub-section (1); (5B) The cost of any appeal to the Appellate Tribunal shall be at the discretion of that Tribunal. "; (c) in sub-section (10), after the word and figures "section 27", the words, figures and letter "or section 27A" shall be inserted.

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Finance Act 1999 Section 93

Title: Amendment of Section 23a

State: Central

Year: 1999

In section 23A of the Wealth-tax Act, after sub-section (8), the following sub-section shall be inserted with effect from the 1st day of June, 1999, namely :- "(8A) In every appeal, the Commissioner (Appeals), where it is possible, may hear and decide such appeal within a period of one year from the end of the financial year in which such appeal is filed under sub-section (1). ".

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Finance Act 1999 Section 91

Title: Amendment of Section 2

State: Central

Year: 1999

.....day of June, 1999, - (a) for sub-section (1), the following sub-section shall be substituted, namely :- "(1) Where a return has been made under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4), - (i) if any tax or interest is found due on the basis of such return, after adjustment of any amount paid by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 30 and all the provisions of this Act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee : Provided that except as otherwise provided in this sub-section, the acknowledgement of the return shall be deemed to be intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him : Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assessment year in.....

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Finance Act 1999 Section 90

Title: Consequential Amendments

State: Central

Year: 1999

.....figures, brackets and letters "clause (ca) of sub-section (12) of section 80-IA", the words, brackets, figures and letters "the Explanation to sub-section (4) of section 80-IA" shall be substituted; (e) in section 115JA, - (i) in sub-section (2), in the Explanation, - (A) in clause (v), - (I) for the words, brackets, letters and figures "sub-clause (b) or sub-clause (c) of clause (iv) of sub-section (2) of section 80-IA", the words, brackets, figures and letters "sub-section (4) and sub-section (5) of section 80-IB" shall be substituted; (II) for the words, brackets, figures and letters "profits and gains under sub-section (5) of section 80-IA", the words, brackets, figures and letters "profits and gains under sub-section (4) or sub-section (5) of section 80-IB" shall be substituted; (B) in clause (vi), for the words, brackets, figures and letters "under sub-section (12) of section 80-IA and subject to fulfilling the conditions laid down in sub-section (4A) of section 80-IA", the words, brackets, figures and letters "as defined in the Explanation to sub-section (4) of section 80-IA and subject to fulfilling the conditions laid down in that sub-section" shall be.....

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Finance Act 1999 Section 89

Title: Omission of Tenth Schedule

State: Central

Year: 1999

The Tenth Schedule of the Income-tax Act shall be omitted with effect from the 1st day of April, 2000.

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Finance Act 1999 Section 88

Title: Amendment of Section 272a

State: Central

Year: 1999

In section 272A of the Income-tax Act, in sub-section (2), for the words "which shall not be less than one hundred rupees, but which may extend to two hundred rupees,", the words "of one hundred rupees" shall be substituted with effect from the 1st day of June, 1999.

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Finance Act 1999 Section 87

Title: Amendment of Section 260a

State: Central

Year: 1999

In section 260A of the Income-tax Act, with effect from the 1st day of June, 1999, - (a) in sub-section (2),- (i) for the opening words "An appeal under this sub-section shall be - ", the words "The Chief Commissioner or the Commissioner or an assessee aggrieved by any order passed by the Appellate Tribunal may file an appeal to the High Court and such appeal under this sub-section shall be-" shall be substituted; (ii) in clause (a), for the words "communicated to the appellant", the words "received by the assessee or the Chief Commissioner or Commissioner" shall be substituted; (iii) clause (b) shall be omitted; (b) after sub-section (6), the following sub-section shall be inserted, namely :- "(7) Save as otherwise provided in this Act, the provisions of the Code of Civil Procedure, 1908 (5 of 1908), relating to appeals to the High Court shall, as far as may be, apply in the case of appeals under this section. ".

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Finance Act 1999 Section 85

Title: Amendment of Section 253

State: Central

Year: 1999

In section 253 of the Income-tax Act, with effect from the 1st day of June, 1999, - (a) in sub-section (1), in clause (c), for the words and figures "an order passed by a Commissioner under section 263", the words, figures and letters "an order passed by a Commissioner under section 12AA or under section 263" shall be substituted; (b) in sub-section (6), after clause (c), the following clause shall be inserted, namely :- "(d) where the subject matter of an appeal relates to any matter, other than those specified in clauses (a), (b) and (c), five hundred rupees. ".

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