TMI Blog2011 (3) TMI 1437X X X X Extracts X X X X X X X X Extracts X X X X ..... 40(a)(i) of the Act – Held that:- by virtue of Expln. 2 to s. 10(15)(iv)(c) of the Act, which has been made retrospectively effective from 1st April, 1962, usance interest payable outside India by an undertaking engaged in the business of ship-breaking in respect of purchase of ship from outside India is deemed to be interest payable on debt incurred in a foreign country in respect of the purchas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts return of income for asst. yr. 1994-95 along with computation of income accompanied by audit report and relevant Annexures as required under s. 44AB of the Act. Subsequently notice came to be issued under s. 143(2) of the Act pursuant to which various information and details came to be supplied by the petitioner. Assessment came to be framed under s. 143(3) of the Act, vide order dt. 16th Jan., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Central Government in this behalf, having regard to the terms of the loan or debt and its repayments shall not be included in computing the total income of the previous year of any person. It was submitted that by the Taxation Laws (Amendment) Act, 2003, Expln. 2 came to be inserted under cl. (c) with retrospective effect from 1st April, 1962, whereby the usance interest payable outside India by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner for the asst. yr. 1994-95 is sought to be reopened by issuing the impugned notice on the ground that the petitioner had paid the usance interest amounting to Rs. 63,18,925 on purchase of ships and had not complied with the provisions of s. 40(a)(i) of the Act. However, by virtue of Expln. 2 to s. 10(15)(iv)(c) of the Act, which has been made retrospectively effective from 1st April, 1962, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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