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Start Free TrialFinance (No. 2) Act, 1998 Section 83
Title: Amendment of Section 21
State: Central
Year: 1998
In section 21 of the Expenditure-tax Act, after sub-section (5), the following sub-sections shall he inserted with effect from the 1st day of October, 1998, namely :-- "(6) On every application by an assessee for revision under this sub-section, made on or after the 1st day of October, 1998, an order shall be passed within one year from the end of the financial year in which such application is made by the assessee for revision. Explanation.--In computing the period of limitation for the purposes of this sub-section, the time taken in giving an opportunity to the assessee to be re-heard under the proviso to section 24 and any period during which any proceeding under this section is stayed by an order or injunction of any Court shall be excluded. (7) Notwithstanding anything contained in sub-section (6), an order in revision under that sub-section may be passed at any time in consequence of or to give effect to any finding or direction contained in an order of the Appellate Tribunal, the High Court or the Supreme Court."
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 1998 Section 88
Title: Settlement of Tax Payable
State: Central
Year: 1998
..... (v) where the tax arrear includes the tax, interest or penalty determined in any assessment on the basis of search and seizure proceedings under section 132 or section 132A of the Income-tax Act,-- (A) in the case of a declarant, being a company or a firm, at the rate of forty-five per cent of the disputed income; (B) in the case of a declarant, being a person other than a company or a firm, at the rate of forty per cent of the disputed income; (b) where the tax arrear is payable under the Wealth-tax Act, 1957,- (i) at the rate of one per cent of the disputed wealth; (ii) in the case where tax arrear includes wealth-tax, interest or penalty levied, at the rate of one per cent of the disputed wealth; (iii) in the case whore tax arrear includes only interest payable or penalty levied, at the rate of fifty per cent of the tax arrear; (iv) where the tax arrear includes the tax, interest or penalty determined in any assessment on the basis of search and seizure proceedings under section 37A or section 37B of the Wealth-tax Act, at the rate of two per cent of the disputed wealth; (c) where the tax arrear is payable under the Gift-tax Act, 1958,- (i) at the rate of.....
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 1998 Section 95
Title: Scheme Not to Apply in Certain Cases
State: Central
Year: 1998
.....the declaration; (b) in a case where an order has been passed by the Settlement Commission under sub-section (4) of section 245D of the Income-tax Act or sub-section (4) of section 22D of the Wealth-tax Act, as the case may be, for any assessment year, to any tax arrear in respect of such assessment year under such direct tax enactment; (c) to a case where no appeal or reference or writ petition is admitted and pending before any appellate authority or the High Court or the Supreme Court on the date of filing of declaration or no application for revision is pending before the Commissioner on the date of filing declaration; (ii) in respect of tax arrear under any indirect tax enactment.-- (a) in a case where prosecution for any offence punishable under any provisions of any indirect tax enactment has been instituted on or before the date of filing of the declaration under section 88, in respect of any tax arrear in respect of such case under such indirect tax enactment; (b) in a case where show cause notice or a notice of demand under any indirect tax enactment has not been issued; (c) in a case where no appeal or reference or writ petition is admitted and pending.....
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 1998 Section 94
Title: Removal of Doubts
State: Central
Year: 1998
For the removal of doubts, it is hereby declared that, save as otherwise expressly provided in sub-section (3) of section 90, nothing contained in this Scheme shall be construed as conferring any benefit, concession or immunity on the declarant in any assessment or proceedings other than those in relation to which the declaration has been made.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 1998 Section 93
Title: No Refund of Amount Paid Under the Scheme
State: Central
Year: 1998
Any amount paid in pursuance of a declaration made under section 88 shall not be refundable under any circumstances.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 1998 Section 92
Title: Appellate Authority Not to Proceed in Certain Cases
State: Central
Year: 1998
No appellate authority shall proceed to decided any issue relating to the disputed chargeable expenditure, disputed chargeable interest, disputed income, disputed wealth, disputed value of gift or tax arrear specified in the declaration and in respect of which an order had been made under section 90 by the designated authority or the payment of the sum determined under that section: Provided that in case an appeal is filed by a Department of the Central Government in respect of such issue relating to the disputed chargeable expenditure, disputed chargeable interest, disputed income, disputed wealth, disputed value of gift or tax arrear (except where the tax arrear comprises only penalty, fine or interest) the appellate authority shall decide the appeal irrespective of such declaration.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 1998 Section 91
Title: Immunity from Prosecution and Imposition of Penalty in Certain Cases
State: Central
Year: 1998
The designated authority shall, subject to the conditions provided in section 90, grant immunity from instituting any proceeding for prosecution for any offence under any direct tax enactment or indirect tax enactment, or from the imposition of penalty under any of such enactments, in respect of matters covered in the declaration under section 88.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 1998 Section 90
Title: Time and Manner of Payment of Tax Arrear
State: Central
Year: 1998
.....the certificate for reasons to be recorded in writing. (2) The declarant shall pay the sum determined by the designated authority and intimate the fact of such payment to the designated authority along with proof thereof and the designated authority shall thereupon issue the certificate to the declarant. (3) very order passed under sub-section (1), determining the sum payable under this Scheme, shall be conclusive as to the matters state therein and no matter covered by such order shall be reopened in any other proceeding under the direct tax enactment or indirect tax enactment or under any other law for the time being in force. (4) Where the declarant has filed an appeal or reference or a reply to the show cause notice against any order or notice giving rise to the tax arrear before any authority or tribunal or Court, then, notwithstanding anything contained in any other provisions of any law for the time being in force, such appeal or reference or reply shall be deemed to have been withdrawn on the day on which the order referred to in sub-section (2) is passed: Provided that where the declarant has filed a writ petition or appeal or reference before any High Court or.....
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 1998 Section 89
Title: Particulars to Be Furnished in Declaration
State: Central
Year: 1998
A declaration under section 88 shall be made to the designated authority and shall be in such form and shall be verified in such manner as may be prescribed.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 1998 Section 87
Title: Definitions
State: Central
Year: 1998
.....any person against whom proceedings have been initiated and are pending under any direct tax enactment or indirect tax enactment; (l) "relevant Act" means an Act specified in the Schedule to this Scheme; (m) "tax arrear" means,- (i) in relation to direct tax enactment, the amount of tax, penalty or interest determined on or before the 31st day of March, 1998 under that enactment in respect of an assessment year as modified in consequence of giving effect to an appellate order but remaining unpaid on the date of declaration; (ii) in relation to indirect tax enactment,- (a) the amount of duties (including drawback of duty, credit of duty or any amount representing duty), cesses, interest, fine or penalty determined as due or payable under that enactment as on the 31st day of March, 1998 but remaining unpaid as on the date of making a declaration under section 88; or (b) the amount of duties (including drawback of duty, credit of duty or any amount representing duty), cesses, interest, fine or penalty which constitutes the subject matter of a demand notice or a show-cause notice issued on or before the 31st day of March, 1998 under that enactment but remaining unpaid.....
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