Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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The High Court held that the amendment introducing the words "or assessable" in Section 50C of the Income Tax Act, effective from October 1, 2009, cannot be applied retrospectively. Prior to the amendment, Section 50C was applicable only to transfers where the value was adopted or assessed by the stamp valuation authority. The inclusion of the phrase "or assessable" brought transfers where the value is assessable by the stamp valuation authority within the ambit of Section 50C. This introduction of a new class of transactions can only have prospective application and cannot be applied to transfers made before the amendment. Consequently, the assessee's transfer, which occurred before the amendment, cannot be subjected to Section 50C. The decision was in favor of the assessee.
The High Court held that the amendment introducing the words "or assessable" in Section 50C of the Income Tax Act, effective from October 1, 2009, cannot be applied retrospectively. Prior to the amendment, Section 50C was applicable only to transfers where the value was adopted or assessed by the stamp valuation authority. The inclusion of the phrase "or assessable" brought transfers where the value is assessable by the stamp valuation authority within the ambit of Section 50C. This introduction of a new class of transactions can only have prospective application and cannot be applied to transfers made before the amendment. Consequently, the assessee's transfer, which occurred before the amendment, cannot be subjected to Section 50C. The decision was in favor of the assessee.
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