2000 (3) TMI 6 - SCH - Income Tax

Co-operative Society - Special Deduction - question basically is in regard to the retrospective operation of section 80P(2)(a)(iii) of the Income-tax Act, as amended by the Second Amendment Act of 1998, with retrospective effect from 1st April, 1968. The order under challenge, though subsequent to the date of the amendment, does not take note thereof - respondents challenges the validity of the said amendment - Matter sent back to High Court to decide afresh.

Summary

The Supreme Court granted leave in a case regarding the retrospective operation of section 80P(2)(a)(iii) of the Income-tax Act, amended in 1998. The Court remitted the tax reference case to the High Court for fresh consideration, as the original order did not consider the amendment. The appeal was allowed, the original order was set aside, and the case was restored to the High Court for a fresh hearing along with a related writ petition. No costs were awarded.