Amendment of section 149.
65. In section 149 of the Income-tax Act, with effect from the 1st day of July, 2012,—
(A) in sub-section (1),—
(i) in clause (a), after the word, brackets and letter \"clause (b)\", the words, brackets and letter \"or clause (c)\" shall be inserted;
(ii) after clause (b), the following clause shall be inserted, namely:—
\"(c) if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment.\";
(B) in sub-section (3), for the words \"two years\", the words \"six years\" shall be substituted;
(C) after sub-section (3), the following Explanation shall be inserted, namely:—
\"Explanation.—For the removal of doubts, it is hereby clarified that the provisions of sub-sections (1) and (3), 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.
","words":177,"text_source":"published"},"classification":[],"instruments":[],"judgments":[{"cnr":"SCIN010020582016","order":"order-137.pdf","title":"Commissioner of Central Excise and Customs Surat I vs Surat District Cricket Association through the Secretary","court":"SC","court_name":"Supreme Court of India","date":"2019-10-03","citation":"(2017) 5 SCC 356 (for reference order); (2019) ... SCC ... (for present judgment - not yet reported at time of extractio","precedential_value":"Binding (Supreme Court Three Judge Bench)","court_marking":"reportable","ratio_decidendi":"The doctrine of mutuality, based on the principle that members of a club are joint owners of club property and when a club acts as an agent of members in supplying goods or services to them, there is no transfer of property from one distinct person to another, continues to be applicable to both incorporated and unincorporated members' clubs even after the 46th Amendment to the Constitution inserting Article 366(29-A). Article 366(29-A)(e) applies only to unincorporated associations as distinct persons from their members, not to incorporated clubs which are bodies corporate. Article 366(29-A)(f) applies only to supply of food and drink in hotels and restaurants to overcome certain Supreme Court judgments, and does not apply to members' clubs. Therefore, supply of goods or services by members' clubs to their members is not a 'sale' under sales tax law or a 'service' by distinct persons under service tax law, and no sales tax or service tax is leviable on such supplies.","applied_to_this_section":"Examined the new negative list regime for service tax and the distinction drawn between 'person' (widely defined to include incorporated bodies) and 'body of persons' in Explanation 3; concluded that incorporated members' clubs are not liable to service tax under the new regime as 'body of persons' excludes incorporated entities.","basis":"cited","decided_under":null,"url":"https://ecourtsindia.com/cnr/SCIN010020582016/order-137"}],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2012/section/65/","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."}