Transitional tax rule preserves the more favourable prior or proposed charging provision for the assessee until new law is enacted. Section 294 establishes a transitional rule: if a Central Act has not provided for the charging of income-tax for an assessment year on the relevant date, ... Summary
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Transitional tax rule preserves the more favourable prior or proposed charging provision for the assessee until new law is enacted.
Section 294 establishes a transitional rule: if a Central Act has not provided for the charging of income-tax for an assessment year on the relevant date, the Income-tax Act operates until such provision is made as if the more favourable of the prior year's provision or the provision proposed in the Bill before Parliament were in force, thereby protecting the assessee's interest pending enactment of a new charging statute.
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