1985 (7) TMI 62

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..... to effect from the I St of April, of a particular financial year, " whether that amendment would apply to the assessment for that year " is the question of law which we are called upon to determine in this reference. During the year 1972-73 which ended on March 31, 1973, L. Rajeshwar Pershad (hereinafter called " the assessee ") sold ornaments/jewellery for Rs. 56,500. According to the assessee, .....

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..... highest court in Karimtharuvi Tea Estate Ltd. v. State of Kerala [1966] 60 ITR 262. On application under section 256(1) of the Act, the Tribunal has referred the following question for opinion to this court : " Whether, on the facts and in the circumstances of the case and in view of the amendment of section 2(14)(ii) of the Income-tax Act, 1961, with effect from April 1, 1973, the Tribunal w .....

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..... if the assessment is actually made after the amendments come into force." In the present case, the amendment came into force on April 1, 1973, and, therefore, since the capital gain on the sale of jewellery/ornaments was made liable to tax, the Tribunal was right in affirming the decision of the officers below in levying the tax. It was sought to be argued by Mr. Balwant Singh Gupta that in cert .....

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