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Start Free TrialIncome Tax Act, 1961 Section 269AB
Title: Registration of Certain Transactions
State: Central
Year: 1961
.....is to be constructed [not being a transaction by way of sale, exchange or lease of such building or part of a building which is required to be registered under the Registration Act, 1908 (16 of 1908)], shall be reduced to writing in the form of a statement by each of the parties to such transaction or by any of the parties to such transaction acting on behalf of himself and on behalf of the other parties. (2) Every statement in respect of a transaction referred to in sub-section (1) shall (a) be in the prescribed1 form; (b) set forth such particulars as may be prescribed1; and (c) be verified in the prescribed1manner, and registered with the competent authority, in such manner and within such time as may be prescribed1, by each of the parties to such transaction or by any of the parties to such transaction acting on behalf of himself and on behalf of the other parties. ________________________________ 1. See rule 48DD and Form No. 37E.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 88E
Title: Rebate in Respect of Securities Transaction Tax
State: Central
Year: 1961
.....in the manner provided in sub-section (2). (2) For the purposes of sub-section (1), the amount of income-tax on the income arising from the taxable securities transactions, referred to in that sub-section, shall be equal to the amount calculated by applying the average rate of income-tax on such income. Explanation : For the purposes of this section, the expressions taxable securities transaction and securities transaction tax shall have the same meanings respectively assigned to them under Chapter VII of the Finance (No. 2) Act, 2004.] 3[(3) No deduction under this section shall be allowed in, or after, the assessment year beginning on the 1st day of April, 2009.] ______________________ 1. Inserted by the Finance (No. 2) Act, 2004, with effect from 1st April, 2005. 2. See rule 20AB and Form Nos. 10DB and 10DC. 3. Inserted by the Finance Act, 2008, with effect from 1st April, 2008.
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 92
Title: Computation of Income from International Transaction Having Regard to Arms Length Price
State: Central
Year: 1961
.....on the basis of entries made in the books of account in respect of the previous year in which the international transaction was entered into.] _______________________ 1. Substituted by the Finance Act, 2002, with effect from 1st April, 2002. (This section was earlier substituted by the Finance Act, 2001, with effect from the same date, i.e., 1st April, 2002). Prior to such substitution, this section stood as under : 92. Income from transactions with non-residents, how computed in certain cases. Where a business is carried on between a resident and a non-resident and it appears to the Assessing Officer that, owing to the close connection between them, the course of business is so arranged that the business transacted between them produces to the resident either no profits or less than the ordinary profits which might be expected to arise in that business, the Assessing Officer shall determine the amount of profits which may reasonably be deemed to have been derived therefrom and include such amount in the total income of the resident.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 94
Title: Avoidance of Tax by Certain Transactions in Securities
State: Central
Year: 1961
.....(2) shall not apply if the owner, or the person who has had a beneficial interest in the securities, as the case may be, proves to the satisfaction of the Assessing Officer (a) that there has been no avoidance of income-tax, or (b) that the avoidance of income-tax was exceptional and not systematic and that there was not in his case in any of the three preceding years any avoidance of income-tax by a transaction of the nature referred to in sub-section (1) or sub-section (2). (4) Where any person carrying on a business which consists wholly or partly in dealing in securities, buys or acquires any securities and sells back or retransfers the securities, then, if the result of the transaction is that interest becoming payable in respect of the securities is receivable by him but is not deemed to be his income by reason of the provisions contained in sub-section (1), no account shall be taken of the transaction in computing for any of the purposes of this Act the profits arising from or loss sustained in the business. (5) Sub-section (4) shall have effect, subject to any necessary modifications, as if references to selling back or retransferring the securities.....
View Complete Act List Judgments citing this sectionKarnataka Land Reforms Act, 1961 Section 83
Title: Inquiry Regarding Illegal Transactions
State: Karnataka
Year: 1961
Section 83 - Inquiry regarding illegal transactions The prescribed authority shall, after a summary inquiry, determine whether the transaction reported to it under section 82 or coming to its notice in any other manner is in contravention of1[or is unlawful or invalid under] the provisions of this Act,2[as they stood before or as they stand after the date of commencement of the Amendment Act] and make a declaration accordingly. Any transaction so declared to be in contravention of1[or is unlawful or invalid under] any of the provisions of this Act,2[as they stood before or as they stand after the date of commencement of the Amendment Act] shall be null and void.2[The land in respect of which such transaction has taken place shall, as penalty, be forfeited to and vest in the State Government3[free from all encumbrances]. No amount is payable therefor.] _______________________________ 1. Inserted by Act 3 of 1982 w.e.f. 25.11.1980. 2. Inserted by Act 1 of 1974 w.e.f. 1.3.1974. 3. Inserted by Act 1979 w.e.f. 1.3.1974.
View Complete Act List Judgments citing this sectionAdvocate Act, 1961 Section 10A
Title: Transaction of Business by Bar Councils and Committees Thereof
State: Central
Year: 1961
1[10A. Transaction of business by Bar Councils and committees thereof. 2[(1)The Bar Council of India shall meet at New Delhi or at such otherplace as it may, for reasons to be recorded in writing, determine. (2) A State Bar Council shall meetat its headquarters or at such other place as it may, for reasons tobe recorded in writing, determine,] (3) The committees other thandisciplinary committees constituted by the Bar Councils shall meet atthe headquarters of the respective Bar Councils. (4) Every Bar Council and everycommittee thereof except the disciplinary committees shall observesuch rules of procedure in regard to the transaction of business attheir meetings as may be prescribed. (5) The disciplinary committeesconstituted under section 9 shall meet at such times and places andshall observe such rules of procedure in regard to the transaction ofbusiness at their meetings as may be prescribed]. ______________________ 1. Insertedby Act 60 of 1973, section 10. 2. Substituedby Act 70 of 1993, section 5.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 92D
Title: Maintenance and Keeping of Information and Document by Persons Entering into an International Transaction
State: Central
Year: 1961
1[(1) Every person who has entered into an international transaction shall keep and maintain such information and document in respect thereof, as may be prescribed2. (2) Without prejudice to the provisions contained in sub-section (1), the Board may prescribe the period for which the information and document shall be kept and maintained under that sub-section. (3) The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person who has entered into an international transaction to furnish any information or document in respect thereof, as may be prescribed1 under sub-section (1), within a period of thirty days from the date of receipt of a notice issued in this regard : Provided that the Assessing Officer or the Commissioner (Appeals) may, on an application made by such person, extend the period of thirty days by a further period not exceeding thirty days.] _______________________ 1. Inserted by the Finance Act, 2001, with effect from 1st April, 2002. 2. See rule 10D. For analysis, see Mashbras Income-tax Rules.
View Complete Act List Judgments citing this sectionKarnataka Land Reforms Act, 1961 Section 82
Title: Reporting of Illegal Transactions
State: Karnataka
Year: 1961
Section 82 - Reporting of illegal transactions Every village officer and every officer of the Revenue, Registration and Land Records Departments shall report to the1[x x x] prescribed authority,2[x x x], every transaction in respect of any land in contravention of any of the provisions of this Act,3[as they stood before and as they stand after the date of commencement of the Amendment Act] which comes to the notice of such officer. _______________________________ 1. Omitted by Act 1 of 1974 w.e.f. 1.3.1974. 2. Omitted by Act 23 of 1977 w.e.f. 1.3.1974. 3. Inserted by Act 1 of 1974 w.e.f. 1.3.1974.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 47
Title: Transactions Not Regarded as Transfer
State: Central
Year: 1961
.....in a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949), of a capital asset by the banking company to the banking institution. Explanation: For the purposes of this clause,-- (i) banking company shall have the same meaning assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1949; (ii) banking institution shall have the same meaning assigned to it in sub-section (15) of section 45 of the Banking Regulation Act, 1949 (10 of 1949);] 4[(vib) any transfer, in a demerger, of a capital asset by the demerged company to the resulting company, if the resulting company is an Indian company;] 4[(vic) any transfer in a demerger, of a capital asset, being a share or shares held in an Indian company, by the demerged foreign company to the resulting foreign company, if - (a) 5[the shareholders holding not less than three-fourths in value of the shares] of the demerged foreign company continue to remain shareholders of the resulting foreign company; and (b) such transfer does not attract tax on.....
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