This Act may be called the Taxation Laws (Amendment and MiscellaneousProvisions) Act, 1965.
[Amendment of section 2.] Rep. by the Repealing and Amending Act (56 of 1974), s. 2 and the FirstSchedule (w.e.f. 20-12-1974).
[Amendment of section 10.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 20-12-1974).
[Amendment of section 193.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 20-12-1974).
[Amendment of Act 34 of 1953.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 20-12-1974).
[Amendment of Act 27 of 1957.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 20-12-1974).
[Amendment of Act 18 of 1958.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 20-12-1974).
(1) Where a person who has acquired any gold out of his income which has not beendisclosed by him for the purposes of the Indian Income-tax Act, 1922 (11 of 1922), or the Income-taxAct, 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) SurtaxAct, 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 lawfor the time being in force, such income shall, notwithstanding anything contained in the said Acts, not beincluded 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 ofthe assets represented by the income, which under sub-section (1) is not includible in his income, profitsor gains, shall, notwithstanding anything contained in the said Act, not be taken into account in anassessment or re-assessment for any assessment year made under the said Act on or after the 20th day ofOctober, 1965.
(3) (a) The name of the person subscribing to the National Defence Gold Bonds, 1980, and anyparticulars 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 torequire any public servant to disclose the name of such person or any such particulars or to give anyevidence in respect thereof.
(b) No public servant shall disclose the name of the person subscribing to the National Defence GoldBonds, 1980 or any particulars relating to the Bonds subscribed to by him, except to an officer employedin 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 ofDirect Taxes (constituted under the Central Boards of Revenue Act, 1963 (54 of 1963) to auditincome-tax receipts or refunds.
(4) In this section,--
(a) 'gold" means gold, including its alloy, whether virgin, melted, re-melted, wrought orunwrought, in any shape or form, and includes any gold coin (whether legal tender or not), anyornament and any other article of gold;
(b) "public servant" includes an officer or other employee of the Reserve Bank of India, the StateBank of India or any subsidiary bank of the State Bank of India.
(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 bedeemed to have been done or taken under this Act as if this Act had commenced on the 19th day ofOctober, 1965.