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TMI Blog2020 (11) TMI 707X X X X Extracts X X X X X X X X Extracts X X X X ..... f the case, the Appellate Tribunal was correct in law in upholding the inclusion of the share income of the minor from the firm M/s. Om Prakash & Co. which had closed its accounting year on 10.8.75 in the assessment of the assessee for the assessment year 1976-77? 2. Whether the amended provision which had come into effect from 1.10.75 will apply to an income which had accrued on 10.8.75 for the assessment to be made for the assessment year 1976-77?" Both the questions can be answered together, for primarily it is the second question which arises for consideration. In Keshav Mills Co. Ltd. v. CIT, (1965) 2 SCR 908 (7 Judge bench), the Court held as under: "14. Section 66(4) must be read with Section 66(1) and Section 66(2), and so rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Court is inappropriate. This Court had observed that while hearing a reference under the Income Tax Act, the High Court exercises advisory jurisdiction and does not sit in appeal over the judgment of the Tribunal. It has been further held that the High Court has no power to set aside the order of the Tribunal even if it is of the view that the conclusion recorded by the Tribunal is not correct." (Emphasis supplied) The facts recorded in the reference and the contentions of the parties leading to the framing to the questions of law and the reference made are reproduced as under:- "3. The assessee is the mother of Dlip Kumar who being a minor admitted to the benefits of partnership in the firm M/s. Om Prakash & Co. received a share of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ought at the instance of the assessee upheld the findings of the lower authorities and dismissed the appeal of the assessee. The finding of the Tribunal is contained in para 3 of its order where it observed "The Supreme Court has already settled that although the subject of charge is the income of the previous year, the law to be applied is that inforce in the assessment year and any amendment which is in force at the beginning of the relevant assessment year must govern irrespective of the fact that the amendment is made after the income under the assessment is earned." A copy of the order of the Tribunal is annexed as Annexure 'C' and forms part of the statement of the case." In view of the doubt having arising with respect to the observ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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