Amendment of section 149
Section 65 of the Finance Act, 2012 deals with amendment of section 149. 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;
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.
Section 65, The Finance Act, 2012.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Related judgements & precedents
These are some judgments that construed this section, and hold precedence value. They hold authority on how to read, interpret and use this section.
-
Commissioner of Central Excise and Customs Surat I vs Surat District Cricket Association through the Secretary
Court's Decision & Legal Precedent
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.
On 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.
The holding above is the ratio decidendi as extracted from the judgment by eCourts India, reproduced unaltered — it is a rendering of the court's reasoning, not a substitute for its words. Read the order itself before relying on it.
Questions about Section 65
What have the courts held on Section 65 of the Finance Act?
Commissioner of Central Excise and Customs Surat I vs Surat District Cricket Association through the Secretary (03 Oct 2019) is the leading judgment on this section among those set out below: 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.
How do I find court cases under Section 65 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 2012 65, section 65 Finance Act 2012, section 65 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 1 reported judgment on this section is set out on this page, beginning with Commissioner of Central Excise and Customs Surat I vs Surat District Cricket Association through the Secretary (03 Oct 2019).
What should I read with Section 65 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 149 (Time limit for notices under sections 148 and 148A), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2012. 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 Schedule7049 words
- 2. Income-tax2690 words
- 41. Insertion of new Chapter X-A1832 words
- 19. Insertion of new section 54GB1044 words
- 40. Insertion of new sections 92CC and 92CD951 words
- 62. Insertion of new section 144BA869 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.