https://www.taxtmi.com/caselaws?id=5254 A bye-law amendment could not operate retrospectively unless that power was expressly or by necessary implication conferred by the governing statute or rules; in the absence of such authority, the amendment was invalid for past accounting periods. The Court also held that deductions from members' cane payments, made in the course of trading operations and credited to a reserve fund, retained the character of revenue receipts despite being described as deposits or reserve amounts, and were therefore assessable to tax. The questions were answered in favour of the Revenue. en-us Fri, 06 May 1988 00:00:00 +0530 Tue, 28 Oct 2025 19:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5254 A bye-law amendment could not operate retrospectively unless that power was expressly or by necessary implication conferred by the governing statute or rules; in the absence of such authority, the amendment was invalid for past accounting periods. The Court also held that deductions from members' cane payments, made in the course of trading operations and credited to a reserve fund, retained the character of revenue receipts despite being described as deposits or reserve amounts, and were therefore assessable to tax. The questions were answered in favour of the Revenue. Case-Laws Income Tax Fri, 06 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5254