TMI Blog2001 (8) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... n holding that the retrospective amendment of section 40A(11) of the Income-tax Act, 1961, which was done by the Finance Act, 1984, combined with the communication, dated June 25, 1984, sent by the employer to the trust, in which it had recalled the unutilised amount out of the contributions that had been made by it in the earlier years had the effect of reducing the wealth of the trust to the ext ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disputed. The further fact that the amount was also returned by the trust is also not in dispute. The retrospective effect given to the law was to enable the employer to recall the unutilised fund. It is the amount that was lying unutilised at the time of the demand that is required to be returned. As on the relevant valuation dates those amounts were capable of being recalled by the employer and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n date but which amendment was given retrospective effect, that is, from a date prior to the relevant valuation date. The retrospective operation of the law cannot be ignored. That act of the Legislature binds the assessing authority and it was not open to the Assessing Officers to close their eyes to the amendment to treat the amounts in the hands of the employees welfare trust as belonging to it ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
