REGISTERED NO , D. 221 रजिस्ट्री सं डी ० 221
भारत का राजपत्र The Garettoal India
असाधारण
EXTRAORDINARY
भाग II-खण्ड 1
PART II- Section 1
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
नई दिल्ली, सोमवार , अगस्त 28 , 1972/ भार 6, 1894
सं० 49]
No. 49]
NEW DELHI , MONDAY , AUGUST 28 , 1972/ BHADRA 6 , 1894
इस भाग में भिन्म पृष्ठ संख्या दी जाती है जिससे कि यह अलग संकलन के रुप में रखा जा सके ।
Separate paging is given to this Part in order that it may be filed as a separate compilation.
MINISTRY OF LAW AND JUSTICE
(Legislative Department )
New Delhi , the 28th August 1972 / Bhadra 6 , 1894 ( Saka )
The following Act of Parliament received the assent of the President on the 26th August , 1972 , and is hereby published for general informa- tion:-
THE INCOME- TAX ( AMENDMENT) ACT , 1972
No. 41 OF 1972
[26th August , 1972 ]
An Act further to amend the Income- tax Act , 1961 and to provide for barring , in the computation of total income in respect of certain assessment years prior to the assessment year 1962-63 deduction of amount paid on account of wealth - tax .
BE it enacted by Parliament in the Twenty -third Year of the Republic of India as follows : --
43 of 1961.
Short 1. This Act may be called the Income- tax (Amendment) Act, 1972.
title,
2. In section 40 of the Income- tax Act, 1961 (hereinafter referred to Amend- as the principal Act ) , after sub - clause ( ii ) of clause ( a) , the following ment of sub-clause shall be, and shall be deemed always to have been, inserted, section 40. namely:-
' ( iia) any sum paid on account of wealth- tax .
27 of 1957 .
Explanation . For the purposes of this sub-clause , " wealth- tax" means wealth - tax chargeable under the Wealth - tax Act , 1957 or any
( 677) [PART II- THE GAZETTE OF INDIA EXTRAORDINARY
678
tax of a similar character chargeable under any law in force in any country outside India or any tax chargeable under such law with reference to the value of the assets of , or the capital employed in , a business or profession carried on by the assessee , whether or not the debts of the business or profession are allowed as a deduction in computing the amount with reference to which such taxis charg- ed, but does not include any tax chargeable with reference to the value of any particular asset of the business or profession;' .
Amend- ment of section 58 .
3. Section 58 , as originally enacted , of the principal Act shall be deemed always to have been re-numbered as sub - section (1 ) thereof , and after that sub- section , the following sub - section shall be , and shall be deemed always to have been , inserted, namely:-
' (1A) The provisions of sub - clause ( iia ) of clause ( a ) of section 40 shall , so far as may be , apply in computing the income chargeable under the head " Incomefrom other sources " as they apply in com- puting the income chargeable under the head " Profits and gains of business or profession" ..
11 of 1922.
4. Nothing contained in the Indian Income - tax Act, 1922 shall be deemed to authorise , or shall be deemed ever to have authorised , any deduction in the computation of the income of any assessee chargeable under the head " Profits and gains of business , profession or vocation " or "Income from other sources " for the assessment year commencing on the 1st day of April , 1957 or any subsequent assessment year , of any sum paid on account of wealth- tax .
Wealth- tax not deductible incom- puting the total income for certain assess- ment years .
Explanation . For the purposes of this section, " wealth- tax" shall have the same meaning as is assigned to it in the Explanation to sub- clause ( iia ) of clause ( a ) of section 40 of the principal Act .
7 of 1972.
Saving in certain cases.
5. Where , before the 15th day of July, 1972 [ being the date on which the Income- tax (Amendment ) Ordinance , 1972 came into forcel , the Supreme Court has , on an appeal in respect of the assessment of an assessee for any particular assessment year , held that wealth - tax paid by the assessee is deductible in computing the total income of that year , then, nothing contained in sub -clause ( iia ) of clause (a ) of section 40, or sub -section ( 1A ) of section 58, of the principal Act, as amended by this Act , or , as the case may be , section 4 of this Act, shall apply to the assessment of such assessee for that particular year .
6. (1) The Income- tax (Amendment ) Ordinance , 1972 , is hereby 7 of 1972. repealed.
Repeal and saving.
(2) Notwithstanding such repeal , anything done or any action taken under the principal Act as amended by the said Ordinance or under sec- THE GAZETTE OF INDIA EXTRAORDINARY
679 Sec. 1 ]
tion 5 or section 6 of the said Ordinance shall be deemed to have been done or taken under the principal Act as amended by this Act or under section 4 or section 5 of this Act, as the case may be , as if this Act had come into force on the 5th day of July , 1972.
K. K. SUNDARAM,
Joint Secy . to the Govt. of India.
PRINTED BY THE GENERAL MANAGER , GOVERNMENT OF INDIA PRESS , MINTO ROAD, NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATIONS , DELHI , 1972