2000 (1) TMI 2

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..... al stands referred to a Bench of three judges because it was found that a Bench of two learned judges had taken the view that the conclusion of an earlier Bench of three learned judges was difficult to accept. The issue relates to whether Explanation 2 to section 40(b) of the Income-tax Act, 1961, introduced with effect from April 1, 1985, is prospective in operation or only declaratory. In Brij .....

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..... tion of section 40(b) and the said Explanation was not really in issue in Rashik Lal's case [1998] 229 ITR 458 (SC). The observations in Rashik Lal's case [1998] 229 ITR 458 (SC) relating to the said Explanation must, therefore, be treated as obiter dicta. The conclusion of this court in the earlier cases of Brij Mohan Das Laxman Dos [1997] 223 ITR 825 and Suwalal Anandilal Jain [1997] 224 ITR 7 .....

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