TMI Blog2007 (4) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... , brought about with effect from April 1, 1976, by the Taxation Laws (Amendment) Act, 1975, was applicable to the assessment year 1976-77?" The amending Act known as the Taxation Laws (Amendment) Act, 1975, (Central Act No. 41 of 1975) received the assent of the President of India on August 7, 1975. By that Act one of the changes brought about was in section 64 of the Income-tax Act by virtue of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax Act required that the assessee to whose income, the minor child's income was to be added, must have some income of his own, i.e., of the said assessee. This contention was rejected by the Division Bench. However, that decision of the Division Bench is not on the question whether the said amendment brought about in the Income-tax Act, which has the effect of altering the charge or its rate or a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with effect from April 1. The reason is obvious that if such charge or rate of charge was to govern the previous year which has already gone by, there would be utter chaos, inasmuch as the assessee would have no idea in advance as to what would be the rate of tax or surcharge or exemption on his currently earned income and investments and he would not be able to either plan out his taxation or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 767; AIR 1966 SC 1370 and Chief CIT v. Rama Shanker [2005] 277 ITR 69 (All), we hold that the Tribunal was legally not correct in holding that the amendment in question enforced with effect from April 1, 1976, was applicable to the assessment year 1976-77 which would be relatable to the previous year 1975-76 inasmuch as that previous year was already over on the date of enforcement of the amendme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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