https://www.taxtmi.com/caselaws?id=28482 The court ruled in favor of the assessee, emphasizing the importance of applying the law in force during the assessment year unless expressly stated otherwise. The judgment clarified the significance of provisions in the Finance Act, 1963, and Finance Act, 1964, in determining the deductibility of expenses. It highlighted the need to understand legislative intent in tax laws and specific provisions for computing taxable income. Ultimately, the reference was decided against the Revenue, with no order as to costs. en-us Mon, 10 May 1982 00:00:00 +0530 Tue, 23 Feb 2010 10:15:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28482 The court ruled in favor of the assessee, emphasizing the importance of applying the law in force during the assessment year unless expressly stated otherwise. The judgment clarified the significance of provisions in the Finance Act, 1963, and Finance Act, 1964, in determining the deductibility of expenses. It highlighted the need to understand legislative intent in tax laws and specific provisions for computing taxable income. Ultimately, the reference was decided against the Revenue, with no order as to costs. Case-Laws Income Tax Mon, 10 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28482