{"act":{"id":"finance-act-1963","short_title":"The Finance Act, 1963","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1963-1964.","act_number":"13","act_year":1963,"enact_date":"1963-04-28","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":22,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1963/"},"unit":"section","section":{"number":"8","heading":"Amendment of section 139","text":"Amendment of section 139 8. In section 139 of the Income-tax Act,— (1) in sub-section (1), in clause (iii) (b) of the proviso, the words \"as finally assessed\" shall be, and shall be deemed always to have been, omitted; (2) after sub-section (1), the following sub-section shall be, and shall be deemed always to have been, inserted, namely: — \"(1A) Where as a result of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 264, the amount of tax on which interest was payable under clause. (iii) of the proviso to subsection (1) has been reduced, the interest shall be reduced accordingly, and the excess interest paid, if any, shall be refunded.\"; (3) after sub-section (7), the following sub-section shall be inserted, namely: — \"(8) Notwithstanding anything contained in clause (iii) of the proviso to sub-section (1), the Income-tax Officer may, in such cases and under such circumstances as may be prescribed, reduce or waive the interest payable by any person under any provision of this section.\" [Finance Act, 1963] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><strong>Amendment of section 139</strong></p><p><strong>8.</strong> In section 139 of the Income-tax Act,—</p><p><span class=\"num\">(1)</span> in sub-section (<i>1</i>), in clause (<i>iii) (b</i>) of the proviso, the words \"as finally assessed\" shall be, and shall be deemed always to have been, omitted;</p><p><span class=\"num\">(2)</span> after sub-section (<i>1</i>), the following sub-section shall be, and shall be deemed always to have been, inserted, namely: —</p><p><i>\"(1A</i>) Where as a result of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 264, the amount of tax on which interest was payable under clause. (<i>iii</i>) of the proviso to subsection (<i>1</i>) has been reduced, the interest shall be reduced accordingly, and the excess interest paid, if any, shall be refunded.\";</p><p>(<i>3</i>) after sub-section (7), the following sub-section shall be inserted, namely: —</p><p><i>\"(<i>8</i></i>) Notwithstanding anything contained in clause (<i>iii</i>) of the proviso to sub-section (<i>1</i>), the Income-tax Officer may, in such cases and under such circumstances as may be prescribed, reduce or waive the interest payable by any person under any provision of this section.\"</p><p>[Finance Act, 1963]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":189,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1963/section/8/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}