https://www.taxtmi.com/caselaws?id=64530 A beneficial fiscal notification raising depreciation to 40% was construed as operating immediately because it stated that the amended rules would come into force at once. The majority applied the settled principle that assessment is governed by the law in force on the first day of the assessment year, and held that the enhanced rate applied for assessment year 1980-81 even though the notification was issued during the previous year. The dissent viewed the notification as effective only from 24.07.1980 and therefore not available for that assessment year. The discussed ratio is that an express immediate commencement clause in a beneficial tax notification can make the relief available for the relevant assessment year. en-us Wed, 22 Aug 1990 00:00:00 +0530 Tue, 08 Feb 2011 14:03:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64530 A beneficial fiscal notification raising depreciation to 40% was construed as operating immediately because it stated that the amended rules would come into force at once. The majority applied the settled principle that assessment is governed by the law in force on the first day of the assessment year, and held that the enhanced rate applied for assessment year 1980-81 even though the notification was issued during the previous year. The dissent viewed the notification as effective only from 24.07.1980 and therefore not available for that assessment year. The discussed ratio is that an express immediate commencement clause in a beneficial tax notification can make the relief available for the relevant assessment year. Case-Laws Income Tax Wed, 22 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64530