2017 (2) TMI 1273

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....eard Sri Shashwat Bajpai, Advocate assisted by Sri Sujeet Kumar, learned Counsel for the assessee and Sri Shubham Agrawal, learned Counsel for the department. This is an assessee's appeal under Section 260A of the Income Tax Act, 1961 against an order passed by the Tribunal dated 30.01.2009 whereby the Tribunal has taken a view that the assessee would not be entitled to the benefit of the pro....

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....5-96. It is the contention of the assessee that with the coming of the amendment in the year 2003 they have become entitled to seek and carry-forward for the years 1993-94, 1994-95, 1995-96 and claim deductions on it. It is also stated by the counsel for the assessee that they have not claimed any exemptions for those years and they have not availed any double benefit under the various provisions ....

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....terminative of what is provided by the Section as amended, in contrast to what was provided by the un-amended Section. The true and correct purport and effect of the amended Section will have to be construed from the language used and not merely from the fact that it has been retained in Chapter III. The introduction of the word 'deduction' in Section 10A by the amendment, in the absence of any co....

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....t April, 2001 was not there and his rights stood extinguished or exhausted by way of deemed in fiction, we are unable to agree with that because the amendment, which came thereafter, allowed ten years relief. The intent of the legislature while making these amendments was certainly not to curtail relief to an assessee, who had not availed double benefit. In the light of the aforesaid observations....