9911796707
TMI BlogAmendment of Act 38 of 1974X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and shall be deemed to have been inserted with effect from the 1st day of April, 1975, namely :- 7A. Compulsory deposit to be exempt for purposes of wealth-tax. - For the purposes of exemption under section 5 of the Wealth-tax Act, 1957 (27 of 1957), the amount of compulsory deposit shall be deemed to be a deposit with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies. ; (c) with effect from the 1st day of April, 1981, section 8 shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely :- (2) Where any amount has become repayable or payable under sub-section (1), the depositor may, at his option, not withdraw such amount a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... words Additional Commissioner of Income-tax , the words and brackets Commissioner of Income-tax (Appeals) shall be substituted; (ii) in sub-section (2), in clause (b) of the proviso, for the words Appellate Assistant Commissioner , the words and brackets Commissioner (Appeals) or the Appellate Assistant Commissioner shall be substituted; (f) with effect from the 10th day of July, 1978, section 12 shall be re-numbered as sub-section (1) thereof, and, - (i) in sub-section (1), as so re-numbered, for the words Any depositor , the words, brackets and figure Subject to the provisions of sub-section (2), any depositor shall be substituted; (ii) after sub-section (1) as so re-numbered, the following sub-section shall be inserted, namely :- '( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of such proceedings may, if he considers that no such penalty would have been levied if the amendments made to section 10 by the Finance (No. 2) Act, 1980, had been in force on the date of passing or the pre-amendment penalty order, make an application to the authority which passed the order in such proceeding or, as the case may be, the last of such proceedings for a special review. (3) The application referred to in sub-section (1) or sub-section (2) shall be presented before the 1st day of January, 1981 : Provided that the Income-tax Officer or the other authority to whom an application for special review is made may admit such application after the said date if he or it is satisfied that the depositor had sufficient cause for not pres ..... X X X X Extracts X X X X X X X X Extracts X X X X
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