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2004 (8) TMI 94 - HC - Wealth-taxAssessee is a HUF effected partial partition of the Hindu undivided family property - "Whether, Tribunal was legally correct in holding that the amended section 20A of the Wealth-tax Act inserted by the Finance (No. 2) Act, 1980, would not be applicable to the assessment year 1979-80?" - in as much as section 20A(1) of the Act specifically provides that a partial partition taking place after December 31, 1978, is to be ignored, the effect of the provisions would be that any partial partition taking place after December 31, 1978, is to be ignored altogether. Even if section 20A is introduced with effect from April 1, 1980, it would not make any difference as the language of section 20A is very clear and unambiguous and has to be given full effect. The interpretation placed by the Tribunal on the memorandum, while introducing the Bill in Parliament on the aforesaid section is misplaced. – Question is answered in negative, i.e., in favour of the Revenue
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