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2014 (10) TMI 785 - HC - Income TaxEffect of amendment to section 2(47)(v) - Scope of term transfer - Whether the Tribunal is right in its interpretation that the amendment made with effect from 1.4.1988 by the Finance Act, 1987 enlarging the scope of the word “transfer” used in section 2(47)(v) was retrospective in nature and would apply for the A.Y 1977-78 also or not – Held that:- The interpretation of the Tribunal is erroneous – assessee rightly contended that the Tribunal has erred in law in concluding that the amendment made by the Finance Act, 1987 enlarging the scope of the word ‘transfer’ in section 2(47) (v) has to be treated as retrospective in nature and would therefore apply to AY 1977-78 without considering the fact that the amendment is applicable with effect from 01.04.1988 and cannot be applied retrospectively – the order of the Tribunal is to be set aside – Decided in favour of assessee.
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