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2015 (1) TMI 10 - HC - Income TaxEffect of repealing section Benefit of section 10B to be granted or not - Whether the Tribunal was correct in holding that in view of the omission of sub section 9 to Section 10B of the Act, w.e.f. 01.04.2004, it should be understood that the section never existed in the statute book and therefore the benefit claimed by the assessee u/s 10B should be allowed Held that:- The decision in KOLHAPUR CANESUGAR WORKS LTD., VS. UNION OF INDIA 2000 (2) TMI 823 - Supreme Court of India] - the effect of deletion of a provision in the statute is delat with and held that the normal effect of repealing a statute or deleting a provision is to obliterate it from the statute book as completely as if it had never been passed, and the statute must be considered as a law that never existed - there is no saving clause or provision introduced by way of an amendment while omitting sub-section (9) of Section 10B - therefore, once the section is omitted from the statute book, the result is it had never been passed and be considered as a law that never exists and therefore, when the assessment orders were passed in 2006, the AO was not justified in taking note of a provision which was not in the statute book and denying benefit to the assessee - the whole object of such omission is to extend the benefit u/s 10B of the Act irrespective of the fact whether during the period to which they are entitled to the benefit, the ownership continues with the original assessee or it is transferred to another person - benefit is to the undertaking and not to the person who is running the business the order of the Tribunal is upheld Decided against revenue.
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