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Citedby 19 docs - [View All]
The Mahalaxmi Mills Ltd vs The Commissioner Of ... on 8 April, 1960
State Of Orissa vs Member, Sales Tax Tribunal And ... on 19 August, 1971
New Jehangir Vakil Mills vs Commissioner Of Income-Tax on 24 December, 1965
Dhrangadhra Chemical Works Ltd. vs Commissioner Of Income-Tax, ... on 4 March, 1974
Mahalaxmi Mills Ltd. And Another vs Commissioner Of Income-Tax, ... on 23 October, 1963

User Queries
finance act
trust
incometax act 1995
[Section 13] [Complete Act]
Central Government Act
Section 13(5) in The Income- Tax Act, 1995
(5) 3[ Notwithstanding anything contained in clause (d) of sub- section (1), where any assets (being debentures issued by, or on behalf of, any company or corporation) are acquired by the trust or institution after the 28th day of February, 1983 , but before the 25th day of July, 1991 , the exemption under section 11 or section 12 shall not be denied in relation to any income other than the income arising to the trust or the institution from such assets, by reason only that the funds of the trust or the institution have been invested in such assets if such funds do not continue to remain so invested in such assets after the 31st day of March, 1992 .] 5[ Explanation 1-For the purposes of sections 11, 12, 12A and this section," trust" includes any other legal obligation and for the purposes of this section" relative", in relation to an individual, means-
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) any lineal ascendant or descendant of the individual;
(v) any lineal ascendant or descendant of the spouse of the individual;
(vi) spouse of a person referred to in sub- clause (ii), sub- clause (iii), sub- clause (iv) or sub- clause (v);
(vii) any lineal descendant of a brother or sister of either the individual or of the spouse of the individual.] Explanation 2.- A trust or institution created or established for the benefit of Scheduled Castes, backward classes, Scheduled Tribes or women and children shall not be deemed to be a trust or institution created or established for the benefit of a religious community or caste within the meaning of clause (b) of sub- section (1). Explanation 3.- For the purposes of this section, a person shall be deemed to have a substantial interest in a concern,-
(i) in a case where the concern is a company, if its shares (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than twenty per cent of the voting power are, at any time during the previous year, owned beneficially by such person or partly by such person and partly by one or more of the other persons referred to in sub- section (3);
1. Inserted by the Finance Act, 1972, w. e. f. 1- 4- 1973.
2. Substituted for' moneys' by the Finance (No. 2) Act, 1971, w. e. f. 1- 4- 1971
3. Inserted by the Finance (No. 2) Act, 1991, w. r. e. f. 1- 4- 1983. The original sub- section (5) was inserted by the Taxation Laws (Amendment) Act, 1975, w. e. f. 1- 4- 1976 and omitted by the Finance Act, 1983, w. e. f. 1- 4- 1983.
4. Omitted by the Finance Act, 1983, w. e. f. 1- 4- 1983. It was inserted by the Taxation Laws (Amendment) Act, 1975, w. e. f. 1- 4- 1977.
5. Substituted by the Finance Act, 1972, w. e. f. 1- 4- 1973.
(ii) in the case of any other concern, if such person is entitled, or such person and one or more of the other persons referred to in sub- section (3) are entitled in the aggregate, at any time during the previous year, to not less than twenty per cent of the profits of such concern.]