1967 (7) TMI 59

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.... of its assessment for the assessment year 1961-62, claimed to deduct under section 10(2)(vib) of the Income-tax Act, 1922, development rebate in respect of eight new trucks purchased in the relevant previous year, namely, Samvat Year 2015. The claim was disallowed by the Income-tax Officer and, on appeal, the disallowance was confirmed by the Appellate Assistant Commissioner and, on further appea....

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....rries purchased during the relevant previous year for the assessment year 1960-61 ? " It was indisputable that if the proviso applied, no allowance by way of development rebate could be claimed by the assessee in respect of the eight new trucks purchased by the assessee during the relevant previous year and an attempt was, therefore, made on behalf of the assessee to exclude the applicability o....

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....ce on 1st April, 1960. By reason of this sub-section the proviso is introduced in section 10(2)(vib) of the Income-tax Act with retrospective effect from 1st April, 1960, and the effect of the amendment is as if the proviso were in section 10(2)(vib) on and from 1st April, 1960. Now it is well settled that though the subject of charge is the income of the previous year, the law to be applied is th....