2001 (8) TMI 38

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.... the court was delivered by R. JAYASIMHA BABU J. -The Tribunal, in our view, was right in holding that the retrospective amendment of section 40A(11) of the Income-tax Act, 1961, which was done by the Finance Act, 1984, combined with the communication, dated June 25, 1984, sent by the employer to the trust, in which it had recalled the unutilised amount out of the contributions that had been ma....

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....f the unutilised amount out of the contribution that had been made by it to the trust is undisputed. The further fact that the amount was also returned by the trust is also not in dispute. The retrospective effect given to the law was to enable the employer to recall the unutilised fund. It is the amount that was lying unutilised at the time of the demand that is required to be returned. As on the....