1985 (7) TMI 62

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..... MITAL J.-If an amendment in the Income-tax Act, 1961 (hereinafter referred to as " the Act "), is brought into effect from the I St of April, of a particular financial year, " whether that amendment would apply to the assessment for that year " is the question of law which we are called upon to determine in this reference. During the year 1972-73 which ended on March 31, 1973, L. Rajeshwar Pe....

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....e fate (copy annexure " D "). In deciding the point of law, the Tribunal placed reliance on the decision of the highest court in Karimtharuvi Tea Estate Ltd. v. State of Kerala [1966] 60 ITR 262. On application under section 256(1) of the Act, the Tribunal has referred the following question for opinion to this court : " Whether, on the facts and in the circumstances of the case and in vi....

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....me into force after the first day of April of a financial year, would not apply to the assessment for that year, even if the assessment is actually made after the amendments come into force." In the present case, the amendment came into force on April 1, 1973, and, therefore, since the capital gain on the sale of jewellery/ornaments was made liable to tax, the Tribunal was right in affirming th....