https://www.taxtmi.com/caselaws?id=262633 The case involved challenges to the levy of surcharge under Section 113 of the Income Tax Act. The primary issue was the retrospective or prospective application of the proviso to Section 113. The Tribunal initially upheld the surcharge based on a previous decision but later reversed its decision following a subsequent Supreme Court ruling in Vatika Township Pvt. Ltd. The Supreme Court clarified that the proviso should operate prospectively, leading to the deletion of the surcharge levied before 1st June 2002. Ultimately, the assessee's applications were allowed based on the revised interpretation of the proviso and the binding nature of the Supreme Court's decision. en-us Fri, 23 Jan 2015 00:00:00 +0530 Mon, 17 Aug 2015 07:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262633 The case involved challenges to the levy of surcharge under Section 113 of the Income Tax Act. The primary issue was the retrospective or prospective application of the proviso to Section 113. The Tribunal initially upheld the surcharge based on a previous decision but later reversed its decision following a subsequent Supreme Court ruling in Vatika Township Pvt. Ltd. The Supreme Court clarified that the proviso should operate prospectively, leading to the deletion of the surcharge levied before 1st June 2002. Ultimately, the assessee's applications were allowed based on the revised interpretation of the proviso and the binding nature of the Supreme Court's decision. Case-Laws Income Tax Fri, 23 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262633