{"act":{"id":"finance-act-2012","short_title":"The Finance Act, 2012","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.","act_number":null,"act_year":2012,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":121,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2012/"},"unit":"section","section":{"number":"64","heading":"Amendment of section 147","text":"Amendment of section 147. 64. In section 147 of the Income-tax Act, with effect from the 1st day of July, 2012— (i) after the first proviso, the following proviso shall be inserted, namely:— \"Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year:\"; (ii) in the second proviso, for the words \"Provided further\", the words \"Provided also\" shall be substituted; (iii) in Explanation 2,— (I) after clause (b), the following clause shall be inserted, namely:— \"(ba) where the assessee has failed to furnish a report in respect of any international transaction which he was so required under section 92E;\". (II) after clause (c), the following clause shall be inserted, namely:— \"(d) where a person is found to have any asset (including financial interest in any entity) located outside India.\"; (iv) after Explanation 3, the following Explanation shall be inserted, namely:— \"Explanation 4.—For the removal of doubts, it is hereby clarified that the provisions of this section, as amended by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 147.</b></p><p><b>64. </b>In section 147 of the Income-tax Act, with effect from the 1st day of July, 2012—</p><p>(<i>i</i>) after the first proviso, the following proviso shall be inserted, namely:—</p><p>\"<b>Provided further</b> that nothing contained in the first proviso shall apply in a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year:\";</p><p>(<i>ii</i>) in the second proviso, for the words \"Provided further\", the words \"Provided also\" shall be substituted;</p><p>(<i>iii</i>) in <i>Explanation 2,</i>—</p><p>(<i>I</i>) after clause (<i>b</i>)<i>, </i>the following clause shall be inserted, namely:—</p><p>\"(<i>ba</i>) where the assessee has failed to furnish a report in respect of any international transaction which he was so required under section 92E;\".</p><p>(<i>II</i>) after clause (<i>c</i>), the following clause shall be inserted, namely:—</p><p>\"(<i>d</i>) where a person is found to have any asset (including financial interest in any entity) located outside India.\";</p><p>(<i>iv</i>) after <i>Explanation 3</i>, the following <i>Explanation </i>shall be inserted, namely:—</p><p><i>\"Explanation 4.</i>—For the removal of doubts, it is hereby clarified that the provisions of this section, as amended by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":218,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2012/section/64/","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."}