https://www.taxtmi.com/caselaws?id=38110 The amended proviso to section 10(2)(vib) of the Indian Income-tax Act, 1922 barred development rebate on machinery or plant consisting of road transport vehicles for assessment years 1960-61 and 1961-62. The governing Finance Acts operated by reference to the Act as in force on the first day of each assessment year, so the retrospective insertion of the proviso applied throughout those years. The fact that the vehicles were purchased before 1 April 1960 did not preserve eligibility, because the relevant test was the law applicable in the assessment years, not the purchase date. The claim for development rebate was therefore rightly rejected. en-us Thu, 30 Mar 1978 00:00:00 +0530 Sat, 03 Apr 2010 12:21:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38110 The amended proviso to section 10(2)(vib) of the Indian Income-tax Act, 1922 barred development rebate on machinery or plant consisting of road transport vehicles for assessment years 1960-61 and 1961-62. The governing Finance Acts operated by reference to the Act as in force on the first day of each assessment year, so the retrospective insertion of the proviso applied throughout those years. The fact that the vehicles were purchased before 1 April 1960 did not preserve eligibility, because the relevant test was the law applicable in the assessment years, not the purchase date. The claim for development rebate was therefore rightly rejected. Case-Laws Income Tax Thu, 30 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38110