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TMI Blog2014 (10) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... apply for the A.Y 1977-78 also or not – Held that:- The interpretation of the Tribunal is erroneous – assessee rightly contended that the Tribunal has erred in law in concluding that the amendment made by the Finance Act, 1987 enlarging the scope of the word ‘transfer’ in section 2(47) (v) has to be treated as retrospective in nature and would therefore apply to AY 1977-78 without considering the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he circumstances of the case, the Tribunal is right in its interpretation that the amendment made with effect from 1.4.1988 by the Finance Act, 1987 enlarging the scope of the word transfer used in section 2(47)(v) of the Income Tax Act, 1961 was retrospective in nature and therefore would apply for the A.Y 1977-78 also? 2. The facts leading to the present tax appeal in a nutshell are set ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal before the ITAT and the Tribunal vide impugned order dated 20.08.2011 dismissed the appeal. 3. Mr. R.K. Patel, learned advocate appearing for the appellant submitted that the Tribunal has erred in law in concluding tha the amendment made by the Finance Act, 1987 enlarging the scope of the word transfer in section 2(47) (v) has to be treated as retrospective in nature and would therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roneous. In that view of the matter, we are of the opinion that the question in the present appeal is required to be answered in the affirmative and the appeal is required to be decided in favour of the assessee. 5. In the premises aforesaid, appeal is allowed. The impugned order passed by the Tribunal is hereby quashed and set aside. No further proceedings thereof are required to be undertaken ..... X X X X Extracts X X X X X X X X Extracts X X X X
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