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Finance Act, 1992 Chapter III

Title: Direct Taxes Income-tax

State: Central

Year: 1992

.....section 3 of the Companies Act, 1956 (1 of 1956); (c) "Government company" shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956).'. Section 15 - Amendment Of Section 37 In section 37 of the Income-tax Act, for sub-sections (2) and (2A), the following sub-section shall be substituted with effect from the 1st day of April, 1993, namely :- '(2) Notwithstanding anything contained in sub-section (1), any expenditure in the nature of entertainment expenditure incurred by any assessee during any previous year commencing on the 1st day of April, 1992 shall be allowed as follows :- (a) where the amount of such expenditure does not exceed ten thousand rupees, the whole of such amount; (b) in any other case, ten thousand rupees as increased by a sum equal to fifty per cent. of such expenditure in excess of ten thousand rupees. Explanation : For the purposes of this sub-section, "entertainment expenditure" includes - (i) the amount of any allowance in the nature of entertainment allowance paid by the assessee to any employee or other person; (ii) the amount of any expenditure in the nature of entertainment expenditure [not being.....

Finance Act, 1992 Section 4

Title: Amendment of Section 10

State: Central

Year: 1992

.....in the Official Gazette, specify, for any period during the previous year otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 :"; (i) in clause (23), - (1) for clause (b) of the third proviso, the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1990, namely :- "(b) does not invest or deposit its funds, other than - (i) any assets held by the association or institution where such assets form part of the corpus of the fund of the association or institution as on the 1st day of June, 1973; (ii) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by the association or institution before the 1st day of March, 1983; (iii) any accretion to the shares, forming part of the corpus of the fund mentioned in sub-clause (i), by way of bonus shares allotted to the association or institution; (iv) voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification in the Official Gazette, specify, for any period during the previous year otherwise.....

Finance Act, 1992 Section 79

Title: Amendment of Section 206c

State: Central

Year: 1992

.....in the prescribed form that to the best of his belief any of the goods referred to in the aforesaid Table are to be utilised for the purposes of manufacturing, processing or producing articles or things and not for trading purposes, the provisions of this sub-section shall not apply so long as the certificate is in force."; (b) after sub-section (8), the following Explanation shall be inserted, namely :- 'Explanation : For the purposes of this section, - (a) "buyer" means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include, - (i) a public sector company, (ii) a buyer in the further sale of such goods obtained in pursuance of such sale, or (iii) a buyer where the goods are not obtained by him by way of auction and where the sale price of such goods to be sold by the buyer is fixed by or under any State Act; (b) "seller" means the Central Government, a State Government or any local authority or corporation or authority established by or under a Central, State or Provincial Act, or any company or firm or co-operative.....

Jammu and Kashmir Cancellation of Orders and Annulment of Instruments Act, 1992 Complete Act

State: Central

Year: 1992

.....conferred by Section 3 of the Jammu and Kashmir State Legislature (Delegation of Powers) Act, 1992 (21 of 1992), the President is pleased to enact as follows:- Section 1 Short title and commencement (1) This Act may be called the Jammu and Kashmir Cancellation of Orders and Amendment of Instruments Act, 1992. (2) It shall come into force at once. Section 2 Definitions In this Act, unless the context otherwise requires,- (a) "allottee" means such persons in whose favour allotment of plot has been made in Sector I of Roop Nagar Housing Colony, Jammu by or under or in pursuance of Government Order No. 371-UD of 1989 dated 21-11-1989; (b) "authority" means the Jammu Development Authority constituted under S.3 of the Jammu and Kashmir Development Act, 1970; (c) "instrument" includes any agreement, lease, deed or contract executed between the allottee and the authority; (d) ' 'property' ' means plot of land allotted to any person in Roop Nagar Housing Colony, Jammu by or under or in furtherance of Government Order No. 371-UD of 1989 dated 21-11-1989. NOTES Definition clause - 'Means' and 'Includes'.- It is well known rule of interpretation that the word "include" or.....