https://www.taxtmi.com/caselaws?id=467095 Section 50 of the Small Industries Development Bank of India Act, 1989 exempted the Bank's income from income tax; that exemption remained effective for income derived up to 31/3/2002. The Finance Act, 2001 omitted Section 50 with effect from 1/4/2002, producing a prospective loss of exemption so that tax liability arises only for periods commencing on or after 1/4/2002. Reliance on earlier precedent affirmed that the omission did not retrospectively revoke exemption for income earned prior to the stated effective date, and the revenue's challenge failed. en-us Wed, 12 Sep 2012 00:00:00 +0530 Fri, 06 Mar 2026 15:55:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467095 Section 50 of the Small Industries Development Bank of India Act, 1989 exempted the Bank's income from income tax; that exemption remained effective for income derived up to 31/3/2002. The Finance Act, 2001 omitted Section 50 with effect from 1/4/2002, producing a prospective loss of exemption so that tax liability arises only for periods commencing on or after 1/4/2002. Reliance on earlier precedent affirmed that the omission did not retrospectively revoke exemption for income earned prior to the stated effective date, and the revenue's challenge failed. Case-Laws Income Tax Wed, 12 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467095