Substitution of new section for section 15
Section 117 of the Finance Act, 1991 deals with substitution of new section for section 15. Substitution of new section for section 15.
Substitution of new section for section 15.
117. For section 15 of the Expenditure-tax Act, the following section shall be substituted, with effect from the 1st day of October, 1991, namely:—
"15. Penalty for failure to collect or pay expenditure-tax.—Any person responsible for collecting expenditure-tax in accordance with the provisions of sub-section (1) of sub-section (2) of section 7, who—
(a) fails to collect such tax; or
(b) having collected the tax, fails to pay such tax to the credit of the Central Government in accordance with the provisions of sub-section (3) of that section, shall pay,—
(i) in the case referred to in clause (a), in addition to paying tax in accordance with the provisions of sub-section (4) of that. section, by way of penalty, a sum equal to the amount of tax that he failed to collect; and
(ii) in the case referred to in clause (b), in addition to paying interest in accordance with the provisions of section 14, by way of penalty, a sum which shall not be less than one hundred rupees but which may extend to two hundred rupees for every day during which the failure continues, so, however, that the penalty under this clause shall not exceed the amount of tax that he failed to pay.','.
[Finance (No.
2) Act, 1991]
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Section 117, The Finance Act, 1991 (Act 49 of 1991).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 117
What does Section 117 of the Finance Act deal with?
Section 117 of the Finance Act is headed "Substitution of new section for section 15". Substitution of new section for section 15.
How do I find court cases under Section 117 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1991 117, section 117 Finance Act 1991, section 117 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 117 of the Finance Act, and has it changed?
Its own text turns on Expenditure-tax Act 15 (Penalty for failure to collect or pay expenditure-tax), section 7 (Amendment of section 12 A), section 14 (Amendment of section 36), section 15 (Insertion of new section 43D), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1991 as Act 49 of 1991. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7022 words
- 2. Income-tax2374 words
- 32. Insertion of new section 80-IA2233 words
- 101. Substitution of new sections for sections 11 to 131889 words
- 5. Amendment of section 101415 words
- 28. Amendment of section 80HHC1101 words
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