2017 (2) TMI 1273

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....t : Shubham Agrawal, C.S.C. ORDER Heard 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 woul....

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....ny deductions in respect of the years 1993-94, 1994-95, 1995-96. 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 n....

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....y the Finance Act, 2000 would be merely suggestive and not determinative 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 'deducti....

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....ent by which the right of the assessee to seek anything beyond 1st 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 av....