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2020 (11) TMI 707 - HC - Income TaxAssessment of income - inclusion of the share income of the minor from the firm which had closed its accounting year on 10.8.75 in the assessment of the assessee for the assessment year 1976-77 - Whether the amended provision which had come into effect from 1.10.75 will apply to an income which had accrued on 10.8.75 for the assessment to be made for the assessment year 1976-77? - HELD THAT:- As relying on SRI LOKNATH GOENKA, SMT. NARMADA DEVI [2019 (8) TMI 458 - PATNA HIGH COURT] Appellate Tribunal was not correct, in law, in upholding the inclusion of the share income of the minor from the firm M/s. Om Prakash & Co. for it accrued on 10.08.1975, in the assessment year 1976-77, and the amendment which came into effect only on 1.10.1975 was to apply only prospectively and not retrospectively.
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