1999 (5) TMI 4 - SCH - Income Tax

In view of the provision in s. 10(29A)(d) introduced in the Finance Act, 1999, the Tobacco Board s income becomes exempt for any assessment year w.e.f. April 1, 1975, or the previous year in which the Board was constituted. Hence, the assessments already made stand set aside by virtue of s. 10(29A)(d) with retrospective effect - appeal is allowed holding that there is no liability to income-tax as provided in s. 10(29A)(d) - appellant are entitled to refund consequent to retrospective amendment

Summary

The Supreme Court judgment in 1999 (5) TMI 4 - SC Order states that the Tobacco Board's income is exempt from income tax from April 1, 1975, due to section 10(29A)(d) of the Finance Act, 1999. Assessments made prior to this are set aside, and the appellant is entitled to a refund. The appeal is disposed of with no order as to costs.