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2016 (10) TMI 1250 - HC - Income TaxUndisclosed income u/s 158B(b) - special procedure for assessment of search cases - bogus purchases - HELD THAT:- In view of the observations made by the Supreme Court MA MURTHY VERSUS STATE OF KARNATAKA AND OTHERS [2003 (9) TMI 76 - SUPREME COURT] we are of the opinion that the substantive law which has been amended and 158BC(b) would have all prospective effect. In our view that will not be made applicable in the present case. The Tribunal did not consider the amendments envisaged by the legislature, therefore, under Section 260-A when we are considering substantial law, we have to consider whether the Tribunal has committed an error. The issue is answered in favour of the assessee and against the department. The view taken by this Court in a case of Relaxo Footwear [2001 (11) TMI 14 - RAJASTHAN HIGH COURT] will apply in the present case and the view taken by the Tribunal is liable to be confirmed and the same is confirmed.
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