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2009 (4) TMI 502 - AT - Income TaxDividend stripping - Amendment to section 87(6) - effective date of amendment - retrospective or prospective - held that: - Any amendment which is in force at the beginning of the relevant assessment year must govern the case though the amendment is made after the income under assessment is earned. In other words, the IT Act as it stands amended on 1st April of a financial year must apply to the assessment for that year. [CIT vs. Isthmian Steamship Lines (1951 -TMI - 49738 - SUPREME Court) - there is express implication by the legislature in the Act, the date from its applicability i.e., 1st April, 2004, as such it is applicable from 1st April, 2004 relevant to previous year 1st April, 2004 to 31st March, 2005 and assessment year ending on 31st March, 2006 i.e., asst. yr. 2005-06. Accordingly, the amendment is applicable to the assessment year under consideration - Disallwance made by AO and sustained by CIT(A) u/s 94(7) is justified - Decided against the assessee. Fulfillment of conditions u/s 111A - Tax on accumulated balance of recognised provident fund - Power of the CIT(A) - Held that: - CIT(A) has not poer to set aide the issue and restore the matter to AO - The learned CIT(A) should have decided this issue himself instead of setting aside the issue. This is a irregularity, which can be cured by us otherwise it will lead to miscarriage of justice. Hence, we direct, the learned CIT(A) to decide this issue himself instead of setting aside to the AO. This issue is accordingly set aside to the file of the CIT(A) for deciding afresh after affording an opportunity to the assessee.
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