https://www.taxtmi.com/caselaws?id=10935 The Karnataka HC upheld the amended agricultural income-tax scheme that replaced partner-wise assessment with a flat-rate levy on registered firms, holding that the change in assessment method did not create constitutional invalidity. It also held that, because the amended provisions contained no express mechanism for reversion or carry-forward of unabsorbed losses allocated to partners in earlier years, the firm could not claim set-off against future income. The Court applied the plain-language rule for taxing statutes and refused to supply an omitted provision or rely on equitable considerations or budget speech to rewrite the scheme. en-us Thu, 25 Mar 2004 00:00:00 +0530 Tue, 28 Jul 2009 08:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10935 The Karnataka HC upheld the amended agricultural income-tax scheme that replaced partner-wise assessment with a flat-rate levy on registered firms, holding that the change in assessment method did not create constitutional invalidity. It also held that, because the amended provisions contained no express mechanism for reversion or carry-forward of unabsorbed losses allocated to partners in earlier years, the firm could not claim set-off against future income. The Court applied the plain-language rule for taxing statutes and refused to supply an omitted provision or rely on equitable considerations or budget speech to rewrite the scheme. Case-Laws Income Tax Thu, 25 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10935