Case Law Details
Case Name : CIT Vs M/s. Podar Cement Pvt. Ltd. Etc. (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
Issue : – The respondent in Tax References Cases Nos. 9-10 of 1986 is a company and an assessee under the Act (hereinafter called the “assessee”). It owns four flats bearing Nos. 231, 232, 241 and 242 in a building called “Silver Arch” on Nepean Sea Road, Bombay. The builders of the said building are Malabar Industries Pvt. Ltd. Out of the four aforesaid flats, two were directly purchased by the respondent-company from the builders and the other two were purchased by its sister concern and subsequently by the assessee. The possession of the flats was taken after p...
This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
On a mindful reading of the SC Judgment, and according to one’s understanding,some of the arguments, reasonings, and observations as set out therein , call for a critical analysis. For example: The suggestion / reasoning to the effect that the 1988 amendments, such as Sec 27 (iiib) of IT Act , though, as legislated,in terms,introduced and made effective only from ist April,1988,could nonetheless be conside4red to have a retrospective effect.If one’s unerstanding is right,then the referred suggestion/view seems to offend the very basic understanding and common belief all along, with support also from case law, that any such amendment or modification of a substantive nature, enacted specifically wef the first day of an asseessment year can only apply to that assessmentb year, and onwards; not backwords.More so, when such a stance, none of the parties to the dispute seem to have taken or pressed for.
> Over to law experts in field vpractice, for an insightful deliberation, and exchange of thoughts, for servig the common good.