2004 (11) TMI 70

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..... 0, is applicable for the assessment year 1980-81, when the relevant previous year expired before the issue of the said notification?" - It is well settled that in the Income-tax Act the law as stands on the first day of the assessment year is applicable unless and until any amendment made in the Act or the notification issued therein is specifically made applicable from an anterior date. In this .....

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..... he Income-tax Officer and upheld by the Appellate Assistant Commissioner? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the notification dated July 24, 1980, is applicable for the assessment year 1980-81, when the relevant previous year expired before the issue of the said notification?" Briefly stated the facts giving rise to .....

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..... d for the respondent-assessee. It is well settled that in the Income-tax Act the law as stands on the first day of the assessment year is applicable unless and until any amendment made in the Act or the notification issued therein is specifically made applicable from an anterior date. In this view of the matter, the notification dated July 24, 1980 providing for higher depreciation on the truck .....

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