https://www.taxtmi.com/caselaws?id=200787 Income-tax exemption is determined by the law and notifications in force for the assessment year, not merely by those operating when the income accrued in the previous year. The distinction between tax rates and exemptions was rejected because both form part of the assessment machinery. The later notification applicable to the assessment year therefore controlled the extent of exemption, and the assessee was entitled only to the limited exemption then in force. en-us Thu, 09 May 1940 00:00:00 +0530 Mon, 23 Apr 2018 16:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200787 Income-tax exemption is determined by the law and notifications in force for the assessment year, not merely by those operating when the income accrued in the previous year. The distinction between tax rates and exemptions was rejected because both form part of the assessment machinery. The later notification applicable to the assessment year therefore controlled the extent of exemption, and the assessee was entitled only to the limited exemption then in force. Case-Laws Income Tax Thu, 09 May 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200787