https://www.taxtmi.com/caselaws?id=60226 The Tribunal held that the circular dated 16th April, 1982 did not apply retrospectively to the assessment year 1982-83. The assessment based on the circular dated 1st Aug, 1955 was deemed correct as there was no evidence that the assessing officer was aware of the subsequent clarification by the Board. The Tribunal emphasized that the law applicable to an assessment year is the law as of 1st April of that year, leading to the cancellation of the CIT's order under section 263 of the Income Tax Act, 1961. en-us Thu, 28 Jan 1988 00:00:00 +0530 Tue, 04 Jan 2011 13:09:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60226 The Tribunal held that the circular dated 16th April, 1982 did not apply retrospectively to the assessment year 1982-83. The assessment based on the circular dated 1st Aug, 1955 was deemed correct as there was no evidence that the assessing officer was aware of the subsequent clarification by the Board. The Tribunal emphasized that the law applicable to an assessment year is the law as of 1st April of that year, leading to the cancellation of the CIT's order under section 263 of the Income Tax Act, 1961. Case-Laws Income Tax Thu, 28 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60226