Section 14 - Amendment of section 295 - Direct Taxes (Amendment) Act, 1974

14. Amendment of section 295. In section 295 of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted, namely :- (4) The power to make rules conferred by this section shall include the power to give retrospective effect, from a date not earlier than the date of commencement of this Act, to the rules or any of them and, unless the contrary is permitted (whether expressly or by necessary implication), no retrospective effect shall be given to any rule so as to prejudicially affect the interests of assessees. .