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Home Bare Acts Phrase: section 92bFinance Act, 2012, (Central) Section 34
Title: Amendment of Section 92b
State: Central
Year: 2012
..... (e) a transaction of business restructuring or reorganisation, entered into by an enterprise with an associated enterprise, irrespective of the fact that it has bearing on the profit, income, losses or assets of such enterprises at the time of the transaction or at any future date; (ii) the expression "intangible property" shall include-- (a) marketing related intangible assets, such as, trademarks, trade names, brand names, logos; (b) technology related intangible assets, such as, process patents, patent applications, technical documentation such as laboratory notebooks, technical know-how; (c) artistic related intangible assets, such as, literary works and copyrights, musical compositions, copyrights, maps, engravings; (d) data processing related intangible assets, such as, proprietary computer software, software copyrights, automated databases, and integrated circuit masks and masters; (e) engineering related intangible assets, such as, industrial design, product patents, trade secrets, engineering drawing and schematics, blueprints, proprietary documentation; (f) customer related intangible assets, such as, customer lists, customer contracts, customer.....
View Complete Act List Judgments citing this sectionFinance Act, 2011, (Central) Section 15
Title: Insertion of New Section 94a
State: Central
Year: 2011
.....person is not the beneficial owner of the said sum) or the explanation offered by the assessee, in the opinion of the assessing officer, is not satisfactory, then, such sum shall be deemed to be the income of the assessee for that previous year. (5) Notwithstanding anything contained in any other provisions of this Act, where any person located in a notified jurisdictional area is entitled to receive any sum or income or amount on which tax is deductible under Chapter XVII-B, the tax shall be deducted at the highest of the following rates, namely:-- (a) at the rate or rates in force; (b) at the rate specified in the relevant provisions of this Act; (c) at the rate of thirty per cent. (6) In this section,-- (i) "person located in a notified jurisdictional area" shall include,-- (a) a person who is resident of the notified jurisdictional area; (b) a person, not being an individual, which is established in the notified jurisdictional area; or (c) a permanent establishment of a person not falling in sub-clause (a) or sub-clause (b), in the notified jurisdictional area; (ii) "permanent establishment" shall have the same meaning as defined in clause (iiia) of.....
View Complete Act List Judgments citing this sectionFinance Act 2001 Section 86
Title: Amendment of Section 271
State: Central
Year: 2001
.....the 1st day of April, 2002, namely:- "Explanation 7.- Where in the case of an assessee who has entered in to an international transaction defined in section 92B, any amount is added or disallowed in computing the total income under sub-section (4) of section 92C, then, the amount so added or disallowed shall, for the purposes of clause (c) of this sub-section, be deemed to represent income in respect of which particulars have been concealed or inaccurate particular have been furnished, unless the assessee proves to the satisfaction of the Assessing Officer or the Commissioner (Appeals) that the price charged or paid in such transaction was computed in accordance with the provisions contained in section 92C and in the manner prescribed under that section, in good faith and with due diligence.".
View Complete Act List Judgments citing this sectionFinance Act, 2012, (Central) Section 35
Title: Insertion of New Section 92ba
State: Central
Year: 2012
After section 92B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2013, namely:-- '92BA. Meaning of specified domestic transaction.--For the purposes of this section and sections 92, 92C, 92D and 92E, "specified domestic transaction" in case of an assessee means any of the following transactions, not being an international transaction, namely:-- (i) any expenditure in respect of which payment has been made or is to be made to a person referred to in clause (b) of sub-section (2) of section 40A; (ii) any transaction referred to in section 80A; (iii) any transfer of goods or services referred to in sub-section (8) of section 80-IA; (iv) any business transacted between the assessee and other person as referred to in sub-section (10) of section 80-IA; (v) any transaction, referred to in any other section under Chapter VI-A or section 10AA, to which provisions of sub-section (8) or sub-section (10) of section 80-IA are applicable; or (vi) any other transaction as may be prescribed, and where the aggregate of such transactions entered into by the assessee in the previous year exceeds a sum of five crore rupees.'.
View Complete Act List Judgments citing this sectionFinance Act 2001 Section 49
Title: Substitution of New Sections for Section 92
State: Central
Year: 2001
.....executive directors or members of the governing board, of each of the two enterprises are appointed by the same person or persons; or (g) the manufacture or processing of goods or articles or business carried out by one enterprise is wholly dependent on the use of know-how, patents, copyrights, trade-marks, licences, franchises or any other business or commercial rights of similar nature, or any data, documentation, drawing or specification relating to any patent, invention, model, design, secret formula or process, of which the other enterprise is the owner or in respect of which the other enterprise has exclusive rights; or (h) ninety per cent. or more of the raw materials and consumables required for the manufacture or processing of goods or articles carried out by one enterprise, are supplied by the other enterprise, or by persons specified by the other enterprise, and the prices and other conditions relating to the supply are influenced by such other enterprise; or (i) the goods or articles manufactured or processed by one enterprise, are sold to the other enterprise or to persons specified by the other enterprise, and the prices and other conditions relating thereto.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 92B
Title: Meaning of International Transaction
State: Central
Year: 1961
1[(1) For the purposes of this section and sections 92, 92C, 92D and 92E, international transaction means a transaction between two or more associated enterprises, either or both of whom are non-residents, in the nature of purchase, sale or lease of tangible or intangible property, or provision of services, or lending or borrowing money, or any other transaction having a bearing on the profits, income, losses or assets of such enterprises and shall include a mutual agreement or arrangement between two or more associated enterprises for the allocation or apportionment of, or any contribution to, any cost or expense incurred or to be incurred in connection with a benefit, service or facility provided or to be provided to any one or more of such enterprises. (2) A transaction entered into by an enterprise with a person other than an associated enterprise shall, for the purposes of sub-section (1), be deemed to be a transaction entered into between two associated enterprises, if there exists a prior agreement in relation to the relevant transaction between such other person and the associated enterprise ; or the terms of the relevant transaction are determined in substance between.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 271
Title: Failure to Furnish Returns, Comply with Notices, Concealment of Income, Etc.
State: Central
Year: 1961
.....or fringe benefits] or the furnishing of inaccurate particulars of such 9[income or fringe benefits]. Explanation 1 : Where in respect of any facts material to the computation of the total income of any person under this Act, (A) such person fails to offer an explanation or offers an explanation which is found by the Assessing Officer or the 10[***] Commissioner (Appeals) 11[or the Commissioner] to be false, or (B) such person offers an explanation which he is not able to substantiate and fails to prove that such explanation is bona fide and that all the facts relating to the same and material to the computation of his total income have been disclosed by him, then, the amount added or disallowed in computing the total income of such person as a result thereof shall, for the purposes of clause (c) of this subsection be deemed to represent the income in respect of which particulars have been concealed. Explanation 2 : Where the source of any receipt, deposit, outgoing or investment in any assessment year is claimed by any person to be an amount which had been added in computing the income or deducted in computing the loss in the assessment of such person for any.....
View Complete Act List Judgments citing this sectionPatents (Amendment) Act, 1999 Section 4
Title: Omission of Section 39
State: Central
Year: 1999
Section 39 of the principal Act shall be omitted.
View Complete Act List Judgments citing this sectionRepresentation of the People Act, 1951 Section 43
Title: Effect of Default in Appointment of Election Agent Under Section 42 [Repealed]
State: Central
Year: 1951
[Rep. by the Representation of the People (Second Amendment) Act, 1956 (27 of 1956), Section 25].
View Complete Act List Judgments citing this sectionFinance Act, 1987 Section 4
Title: Amendment of Section 10
State: Central
Year: 1987
.....substituted with effect from the 1st day of April, 1983; (B) in the proviso, for the words, brackets and figures "in item (3) in the Table below rule 3 of the Post Office Savings Banks Rules, 1965", the words and figures "in item 6 in the Table below rule 4 of the Post Office Savings Account Rules, 1981" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1983; (ii) in sub-clause (iv), after item (g) and the Explanation thereto, the following item shall be inserted, namely :- "(h) by any public sector company in respect of such bonds or debentures and subject to such conditions, including the condition that the holder of such bonds or debentures registers his name and the holding with that company, as the Central Government may, by notification in the Official Gazette, specify in this behalf;"; (c) in clause (17), - (i) in sub-clause (i), the word "and" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 1986; (ii) for sub-clause (ii), the following sub-clauses shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1986,.....
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