2007 (4) TMI 224

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.... was legally correct in holding that the amendment to section 64(1) of the Income-tax Act, 1961, brought about with effect from April 1, 1976, by the Taxation Laws (Amendment) Act, 1975, was applicable to the assessment year 1976-77?" The amending Act known as the Taxation Laws (Amendment) Act, 1975, (Central Act No. 41 of 1975) received the assent of the President of India on August 7, 1975. B....

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....f this court considered the argument that the application of the amended section 64 of the Income-tax Act required that the assessee to whose income, the minor child's income was to be added, must have some income of his own, i.e., of the said assessee. This contention was rejected by the Division Bench. However, that decision of the Division Bench is not on the question whether the said amendment....

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....om April 1, and it governs the previous year of the assessee which is to commence thereafter, i.e., with effect from April 1. The reason is obvious that if such charge or rate of charge was to govern the previous year which has already gone by, there would be utter chaos, inasmuch as the assessee would have no idea in advance as to what would be the rate of tax or surcharge or exemption on his ....