2015 (1) TMI 10

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.... manufacture and sale of PTC & NTC Thermistors, Probes and similar products. The assessee-company earlier belonged to Spirent B.V.Group, which was engaged in various businesses including manufacture and sale of sensors. M/s.Spirent B.V. Group held 74% of share capital of the assessee-company. They decided to exit from the sensor business on a worldwide basis and its sensor business across the world was acquired by GE Group. According to the assessee, this global acquisition of sensor business necessitated change in share holding of the assessee. The aforesaid change of 74% in share holding took place in the financial year 2002-03. The said change was necessitated by genuine business reorganization carried out at the global level. The assess....

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.... that in view of the omission of subsection 9 to Section 10B of the Act, w.e.f. 01.04.2004, it should be understood that the said section never existed in the statute book and therefore the benefit claimed by the assessee u/s 10B should be allowed?" 5. The learned Counsel for the revenue assailing the impugned order contends that it is well settled that the Income Tax Act as it stands amended on the first day of April of any financial year must apply to the assessment of that year. Any amendments in the Act which come into force after first day of April of a financial year would not apply to the assessment for that year, even if the assessment is actually made after the amendments come into force. In support of his contention, he relies ....

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....this Rule, an exception is engrafted by the provisions of Section 6(1). If a provision of a statute is unconditionally omitted without a saving clause in favour of pending proceedings, all actions must stop where the omission finds them, and if final relief has not been granted before the omission goes into effect, it cannot be granted afterwards. Savings of the nature contained in Section 6 or in special Acts may modify the position. Thus the operation of repeal or deletion as to the future and the past largely depends on the savings applicable. In a case where a particular provision in a statute is omitted and in its place another provision dealing with the same contingency is introduced without a saving clause in favour of pending procee....