India code link to Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1965

ARRANGEMENT OF SECTIONS
__________
SECTIONS
1. Short title.
2. [Repealed.]
3. [Repealed.]
4. [Repealed.]
5. [Repealed.]
6. [Repealed.]
7. [Repealed.]
8. Exemption from tax in certain cases of undisclosed income invested in National Defence Gold
Bonds, 1980.
9. Repeal and saving.

ACT, 1965

ACT NO. 41 OF 1965

[4th December, 1965.]

An Act further to amend the Income-tax Act, 1961, the Estate Duty Act, 1953, the Wealth-tax

Act, 1957, the Gift-tax Act, 1958 and to provide for exemption from tax in certain cases of

undisclosed income invested in National Defence Gold Bonds, 1980.

BE it enacted by Parliament in the Sixteenth Year of the Republic of India as follows:—

Short title.—This Act may be called the Taxation Laws (Amendment and Miscellaneous

Provisions) Act, 1965.

* * * * *

Exemption from tax in certain cases of undisclosed income invested in National Defence Gold

Bonds, 1980.—(1) Where a person who has acquired any gold out of his income which has not been

disclosed by him for the purposes of the Indian Income-tax Act, 1922 (11 of 1922), or the Income-tax

Act, 1961 (43 of 1961), or the Excess Profits Tax Act, 1940 (15 of 1940), or the Business Profits Tax Act,

1947 (21 of 1947), or the Super Profits Tax Act, 1963 (14 of 1963), or the Companies (Profits) Surtax

Act, 1964 (7 of 1964), tenders such gold as subscription for the National Defence Gold Bonds, 1980,

prior to the detection of such income by the Income-tax Officer or the seizure of such gold under any law

for the time being in force, such income shall, notwithstanding anything contained in the said Acts, not be

included in his income, profits or gains chargeable to tax under the said Acts in an assessment or reassessment

for any assessment year made under the said Acts on or after the 20th day of October, 1965.

(2) In computing the net wealth of a person under the Wealth-tax Act, 1957 (27 of 1957), the value of

the assets represented by the income, which under sub-section (1) is not includible in his income, profits

or gains, shall, notwithstanding anything contained in the said Act, not be taken into account in an

assessment or re-assessment for any assessment year made under the said Act on or after the 20th day of

October, 1965.

(3) (a) The name of the person subscribing to the National Defence Gold Bonds, 1980, and any

particulars relating to the Bonds subscribed to by him, shall be treated as confidential, and,

notwithstanding anything contained in any law for the time being in force, no court shall be entitled to

require any public servant to disclose the name of such person or any such particulars or to give any

evidence in respect thereof.

(b) No public servant shall disclose the name of the person subscribing to the National Defence Gold

Bonds, 1980 or any particulars relating to the Bonds subscribed to by him, except to an officer employed

in the execution of any of the Acts mentioned in sub-section (1) or the Wealth-tax Act, 1957 (27 of 1957)

or to any officer appointed by the Comptroller and Auditor-General of India or the Central Board of

Direct Taxes (constituted under the Central Boards of Revenue Act, 1963 (54 of 1963) to audit

income-tax receipts or refunds.

(4) In this section,—

(a) “gold” means gold, including its alloy, whether virgin, melted, re-melted, wrought or

unwrought, in any shape or form, and includes any gold coin (whether legal tender or not), any

ornament and any other article of gold;

(b) “public servant” includes an officer or other employee of the Reserve Bank of India, the State

Bank of India or any subsidiary bank of the State Bank of India.

Sections 2 to 7 rep. by Act, 56 of 1974, s. 2 and the First Schedule (w.e.f. 20-12-1974).

Repeal and saving.—(1) The Taxation Laws (Amendment and Miscellaneous Provisions)

Ordinance, 1965 (5 of 1965) is hereby repealed.

(2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be

deemed to have been done or taken under this Act as if this Act had commenced on the 19th day of

October, 1965.