https://www.taxtmi.com/caselaws?id=285942 The Court held that the 1939 Amendment Act, specifically Section 23(5)(a) of the Indian Income-tax Act, could be applied retrospectively to the assessment year 1938-39. The amendment altered the method of assessing partnership income, shifting tax liability from the firm to individual partners. The Court determined that the change was procedural, simplifying the assessment process without affecting the government's revenue rights. Justice Banerjee concurred with the decision, affirming the Tribunal's ruling that the 1939 Act applied in the case, impacting revenue collection methods for partnership income taxation. en-us Wed, 10 Jan 1951 00:00:00 +0530 Tue, 04 Feb 2020 15:39:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285942 The Court held that the 1939 Amendment Act, specifically Section 23(5)(a) of the Indian Income-tax Act, could be applied retrospectively to the assessment year 1938-39. The amendment altered the method of assessing partnership income, shifting tax liability from the firm to individual partners. The Court determined that the change was procedural, simplifying the assessment process without affecting the government's revenue rights. Justice Banerjee concurred with the decision, affirming the Tribunal's ruling that the 1939 Act applied in the case, impacting revenue collection methods for partnership income taxation. Case-Laws Income Tax Wed, 10 Jan 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285942