TMI Blog2004 (12) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of Explanation 4A to section 43(1) which came into force with effect from October 1, 1996, would be applicable to prior period transactions which has taken place during August, 1995, relevant to the assessment year 1996-97? – Held that it is axiomatic that the law governs the assessment, is the law that is prevailing on April 1, of the assessment year in question, and since Explanation 4A to se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the case, the Tribunal was right in directing the Assessing Officer to adopt the WDV of the assets in the books of the transferor for computing the depreciation allowance in the hands of the appellant when the valuation report regarding the market value of the asset has not been disputed and the sale consideration has been accepted in the assessment of the transferor?" We are of the view th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equently we hold that the Tribunal was not correct in relying upon Explanation 4A to section 43(1), which came into force only from October 1, 1996, to the assessee's case. It is axiomatic that the law governs the assessment, is the law that is prevailing on April 1, of the assessment year in question, and since Explanation 4A to section 43(1) of the Act came into force on October 1, 1996, it has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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