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TMI BlogSubstitution of new Chapter VIII for sections 7 and 8X X X X Extracts X X X X X X X X Extracts X X X X ..... e continued operation of section 281A of the Income-tax Act, 1961 (43 of 1961) in the State of Jammu and Kashmir. Certain transfers to be null and void. 57. Notwithstanding anything contained in the Transfer of the Property Act, 1882 (4 of 1882.) or any other law for the time being in force, where, after the issue of a notice under section 24, any property referred to in the said notice is transferred by any mode whatsoever, the transfer shall, for the purposes of the proceedings under this Act, be ignored and if the property is subsequently confiscated by the Central Government under section 27, then, the transfer of the property shall be deemed to be null and void. Exemption. 58. (1) The Central Government may, by notification, exempt any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the Code of Criminal Procedure, 1973, (2 of 1974.) an offence under this Act shall be non-cognizable Offences by companies. 62. (1) Where a person committing contravention of any of the provisions of this Act or of any rule, direction or order made thereunder is a company, every person who, at the time the contravention was committed, was in charge of, and was responsible to, the company, for the conduct of the business of the company as well as the company, shall be deemed to be guilty of the contravention and shall be liable to be proceeded against and punished accordingly. (2) Nothing contained in sub-section (1), shall render any person liable to punishment if he proves that the contravention took place without his knowledge. (3) N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rding to the intent and purpose of this Act. Protection of action taken in good faith. 64. No prosecution, suit or other proceeding shall lie against the Government or any officer of the Government or the Appellate Tribunal or the Adjudicating Authority established under this Act, for anything done or intended to be done in good faith under this Act. Transfer of pending cases. 65. (1) Every suit or proceeding in respect of a benami transaction pending in any Court (other than a High Court) or Tribunal or before any forum on the date of the commencement of this Act shall stand transferred to the Adjudicating Authority or the Appellate Tribunal, as the case may be, having jurisdiction in the matter. (2) Where any suit, or other proceeding sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Appellate Tribunal, in place of the person and the provisions of section 46 shall, so far as may be, apply, or continue to apply, to the appeal. Act to have overriding effect. 67. The provisions of this Act shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force. Power to make rules. 68. (1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely- (a) manner of ascertaining the fair market value under clause 16 of section 2; (b) the manner of appointing the Chairperson and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 40; (o) the form in which appeal shall be filed and the fee for filing the appeal under sub-section (1) of section 46; (p) any other matter which is to be, or may be, prescribed, or in respect of which provision is to be made, by rules. Laying of rules and notifications before Parliament. 69. Every rule made and notification issued under this Act shall be laid, as soon as may be after it is made or issued, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rules ..... X X X X Extracts X X X X X X X X Extracts X X X X
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