TaxTMI 
TaxTMI 
Amendment of Act 38 of 1974
X X X X Extracts X X X X
X X X X Extracts X X X X
.... be inserted 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 o....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the words "the Income-tax Officer shall", the words "the Income-tax Officer may" shall be substituted; (e) in section 11, with effect from the 10th day of July, 1978, - (i) in sub-section (1), for the 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-secti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....g of such order, make an application to the Income-tax Officer for a special review. (2) Where a pre-amendment penalty order has been made the subject matter of any subsequent proceeding by way of an appeal or revision under this Act, the depositor aggrieved by the order passed in any such proceeding or, as the case may be, the last 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 refe....