TMI Blog2007 (9) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... efore the insertion of the Explanation to section 263(1) by the Taxation Laws (Amendment) Act, 1984 with effect from October 1, 1984 - Held that: the differences in the language used in the 1984 Amendment Act as well as in the Finance Act, 1989, there can be no doubt that the amendment to section 263 of the Act, was with effect from 1st October, 1984 - Thus, decided in favour of the assessee and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act") was brought with effect from October 1, 1984 by the Taxation Laws (Amendment) Act, 1984 ("1984 Amendment Act"). We have seen the statute which is printed in [1984] 149 ITR (St.) 97. 3. Section 47 of the 1984 amendment Act reads as under : "47. Amendment of section 263.-In section 263 of the Income-tax Act, with effect from the 1st day of October, 1984,- (a) In sub-section (1), th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) after expiry of two years from the end of the financial year in which the order sought to be revised was passed'." 4. A plain reading of the above provision makes it quite clear that Parliament intended the Explanation to be inserted with effect from October 1, 1984 as mentioned in the section itself. 5. We may also refer to the decision of the Supreme Court in CIT v. Shri Arbuda Mills Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1984 Amendment Act as well as in the Finance Act, 1989, there can be no doubt that the amendment to section 263 of the Act, which is the subject-matter of the present reference, was with effect from 1st October, 1984. 7. Under the circumstances, we answer the question of law in the negative that is in favour of the assessee and against the Revenue.The reference is disposed of accordingly. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
