Income-tax Act,1961
Act No : 43
Section :
Approval of Inspecting Assistant Commissioner for orders under section 104.
2[107. Approval of Inspecting Assistant Commissioner for orders under section 104,-Omitted by the Finance Act, 1987, w.e.f 1-4-1988.] 3[107A. Reduction of minimum distribution in certain cases.-Omitted by the Finance Act, 1987, w.e.f 1-4-1988. Original section was inserted by the Finance Act, 1964, w.e.f. 1-4-1964.] ---------------------------------------------------------------------- -> -> (c) in any other case, the sum distributed as dividends within the period of twelve months referred to in sub-section (1) of section 104. (2) Any further distribution made under sub-section (1) shall not be taken into account in deciding whether the provisions of section 104 apply in respect of the previous year in which the further distribution is made." 1 Prior to the omission, section 106, as amended by the Finance Act, 1964, w.e.f. 1-4-1964 and substituted by the Finance Act, 1975, w.e.f. 1-4-1975, read as under: "106. Period of limitation for making order under section 104.- No order under section 104 shall be made at any time after- (a) the expiry of- (i)four years from the end of the assessment year relevant to the previous year referred to in sub-section (1) of that section, where such assessment year is an assessment year commencing on or before the 1st day of April, 1974; (ii) two years from the end of the assessment year relevant to the previous year refer-red to in sub-section (1) of that section, where such assessment year is an assessment year commencing after the 1st day of April, 1974; or (b) the expiry of one year from the end of the financial year in which the assessment or reassessment of the profits and gains of the previous year referred to in sub-section (1) of that section is made, whichever is later: Provided that the period of limitation specified in this section shall not apply in a case where the company has made an application to the Board under section 107A." 2 Prior to the omission, section 107, as amended by the Finance Act, 1964, w.e.f. 1-4-1964, read as under: "107. Approval of Inspecting Assistant Commissioner for orders under section 104.Except in cases where a decision is given by the Board under sub-section (4) of section 107A, no order shall be made by the Income-tax Officer under section 104 unless the previous approval of the Inspecting Assistant Commissioner has been obtained, and the Inspecting Assistant Commissioner shall not give his approval to any order proposed to be made by the Income-tax Officer until he has given the company concerned an opportunity of being heard." 3 Prior to the omission, section 107A, as amended by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978, read as under: "107A. Reduction of minimum distribution in certain cases.-(1) If any company to which the provisions of section 104 apply (not being an investment company) considers that, having regard to the current requirements for the development of its business, it would not be possible or advisable for it to declare or pay a dividend of an amount larger than that already declared or paid or proposed to be declared or paid by it, it may make an application to the Board for reduction of the amount of the minimum distribution required under this Chapter. (2) Every application under sub-section (1) shall be in the prescribed form and shall be verified in the prescribed manner and shall be made within the period of twelve months referred to in sub- section (1) of section 104 or, where the Income-tax Officer has served on the company a notice under sub-section (1) of section 105 --> --> ----------------------------------------------------------------------- 1.456
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