2007 (10) TMI 61 - SCH - Income Tax

Application of amended 80HHC -Question arises related to the applicability of amended law is with prospective effect or restropective effect - Held that applied from prospective effect

Summary

The Supreme Court of India ruled that the amendment to Section 80HHC of the Income-tax Act, 1961 is prospective in nature, based on Circular No.621 dated 19th December 1991. The Court set aside the orders of the High Court of Bombay, allowing the appeals. (Case Citation: 2007 (10) TMI 61 - SC)