Title : Insertion of New Section 110a
State : Central
Year : 2006
After section 110 of the Customs Act, the following section shall be inserted, namely:-- "110A Provisional release of goods, documents and things seized pending adjudication. Any goods, documents or things seized under section 110, may, pending the order of the adjudicating officer, be released to the owner on taking a bond from him in the proper form with such security and conditions as the Commissioner of Customs may require.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 8b of Act 51 of 1975
State : Central
Year : 2006
CUSTOMS TARIFF In section 8B of the Customs Tariff Act, 1975, in the first proviso to sub-section (1), for the words "all such countries", the words "developing countries each with less than three per cent. import share" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80-hhc
State : Central
Year : 2005
In section 80-HHC of the Income-tax Act,-- (i) in sub-section (3),-- (A) after the proviso, the following provisos shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1998, namely:-- 'Provided further that in the case of an assessee having export turnover not exceeding rupees ten crores during the previous year, the profits computed under clause (a) or clause (b) or clause (c) of this subsection or after giving effect to the first proviso, as the case may be, shall be further increased by the amount which bears to ninety per cent. of any sum referred to in clause (iiid) or clause (iiie), as the case may be, of section 28, the same proportion as the export turnover bears to the total turnover of the business carried on by the assessee:..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Sections 25a and 25b
State : Central
Year : 2007
After section 25 of the State Bank of India (Subsidiary Banks) Act, the following sections shall be inserted, namely:-- "25A. Fit and proper status of an elected director-(1) The Directors to be elected under clause (d) of sub-section (1) of section 25 shall-- (a) have special knowledge or practical experience in respect of one or more of the following matters, namely:-- (i) agricultural and rural economy, (ii) banking, (iii) co-operation, (iv) economics, (v) finance, (vi) law, (vii) small-scale industry, (viii) any other matter the special knowledge of, and practical experience in, which would, in the opinion of the Reserve Bank, be useful to the subsidiary bank; (b) represent the interests of depositor\orkers and artisans. (2) Without prejudice to the..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 35a
State : Central
Year : 2007
After section 35 of the State Bank of India (Subsidiary Banks) Act, the following section shall be inserted, namely:-- "35A. Supersession of Board of Directors in certain cases-(1) Where the Reserve Bank, on the recommendation of the State Bank is satisfied that in the public interest or for preventing the affairs of a subsidiary bank being conducted in a manner detrimental to the interest, of the depositors or the subsidiary bank or for securing the proper management of the subsidiary bank, it is necessary so to do, the Reserve Bank may, for reasons to be recorded in writing, by order, supersede the Board of Directors of the subsidiary bank for a period not exceeding six months as may be specified in the order: Provided that the period of supersession of the Board of Directors may..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 2
State : Central
Year : 2006
In section 2 of the Income-tax Act, 1961 (43 of 1961) (hereafter in this Chapter referred to as the Income-tax Act), in clause (44), after the words "powers of a Tax Recovery Officer", the following shall be inserted, namely:-- "and also to exercise or perform such powers and functions which are conferred on, or assigned to, an Assessing Officer under this Act and which may be prescribed". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 275
State : Central
Year : 2006
In section 275 of the Income-tax Act, after sub-section (1), the following sub-section shall be inserted, namely:-- "(1A) In a case where the relevant assessment or other order is the subject-matter of an appeal to the Commissioner (Appeals) under section 246 or section 246A or an appeal to the Appellate Tribunal under section 253 or an appeal to the High Court under section 260A or an appeal to the Supreme Court under section 261 or revision under section 263 or section 264 and an order imposing or enhancing or reducing or cancelling penalty or dropping the proceedings for the imposition of penalty is passed before the order of the Commissioner (Appeals) or the Appellate Tribunal or the High Court or the Supreme Court is received by the Chief Commissioner or the Commissioner or the..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 18
State : Central
Year : 2006
In section 18 of the Customs Act, after sub-section (2), the following sub-sections shall be inserted, namely:- "(3) The importer or exporter shall be liable to pay interest, on any amount payable to the Central Government, consequent to the final assessment order under sub-section (2), at the rate fixed by the Central Government under section 28AB from the first day of the month in which the duty is provisionally assessed till the date of payment thereof. (4) Subject to sub-section (5), if any refundable amount referred to in clause (a) of sub-section (2) is not refunded under that sub-section within three months from the date of assessment of duty finally, there shall be paid an interest on such unrefunded amount at such rate fixed by the Central Government under section 27A till..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 108
State : Central
Year : 2006
In section 108 of the Customs Act, for sub-section (1), the following sub-section shall be substituted, namely:-- "(1) Any gazetted officer of customs duly empowered by the Central Government in this behalf, shall have power to summon any person whose attendance he considers necessary either to give evidence or to produce a document or any other thing in any inquiry which such officer is making under this Act.". View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 114aa
State : Central
Year : 2006
After section 114A of the Customs Act, the following section shall be inserted, namely:-- "114AA Penalty for use of false and incorrect material.If a person knowingly or intentionally makes, signs or uses, or causes to be made, signed or used, any declaration, statement or document which is false or incorrect in any material particular, in the transaction of any business for the purposes of this Act, shall be liable to a penalty not exceeding five times the value of goods.". View Complete Act List Judgments citing this section