In the notification of the Central Board of Direct Taxes No. S. O. 2272, dated the 31st May, 1971, published at pages 2239/2242 of the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii), dated the 1st June, 1971,—
It is hereby notified for general information that the institution mentioned below has been approved by the Indian Council of Social Science Research, the ” prescribed authority “, for the purposes of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961), up to 31st March, 1974, subject to the following conditions :—
Circular No. 67-Income Tax References have been received by the Central Board of Direct Taxes seeking information regarding the exemption from income-tax available to residents of Ladakh in general and Government officers stationed there in particular. The position in law as obtaining at present is explained in the following paragraphs.
The goods are re-exported within six months from the date of importation or within such extended period not exceeding one year as may be allowed by the Commissioner of Customs and an undertaking is furnished in writing by the importer agreeing to re-export the goods within the aforesaid period.
Circular No. 65-Income Tax I am directed to invite a reference to the Board’s Circular No. 48 [F. No. 275/195/70-ITJ], dated 7-11-1970 [Clarification 2]. The Board has been requested to reconsider the views given in that circular. After a careful examination of the legal position the Board is of the view that to the following extent the earlier views need a modification.
Hon’ble Supreme Court in the case of Union of India and others v Ogale glass Works 1971 AIR 2577 held that the award of industrial tribunal cannot stand in the way of enforcing the statutory provision cast on the Regional Provident Fund Commissioner under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
Circular No. 64-Income Tax A question has been raised as to whether the nationalised banks would be regarded as banking companies under the provisions of section 80L(1)(vi). The relevant provision reads as follows: interest on deposits with a banking company to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in section 51 of that Act)
The expression for the purpose of the business in s. 10(2)(xv) is wider than the expression for the purpose of earning profits. The former covers, not only the running of the business or its administration but also measures for the preservation of the business and protection of its assets and property.
Circular No. 63-Income Tax The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (hereinafter referred to as the 1970 Act), was enacted by Parliament with a view to nationalising the undertakings of 14 commercial banks on payment of compensation aggregating to Rs. 87.40 crores.
Notification: S.O.3321 Dr. Shantilal J. Mehta Medical Research Foundation, Bombay has been approved by the Indian Council of Medical Research, the prescribed authority, for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961)
