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TMI Blog2007 (8) TMI 334X X X X Extracts X X X X X X X X Extracts X X X X ..... 80HHC(2)(b)(ii) are retrospective in nature – HC has answered in favor of revenue and against the assessee - 57 of 1999 - - - Dated:- 8-8-2007 - M. M. KUMAR and AJAY KUMAR MITTAL JJ. Yogesh Putney for the petitioner. JUDGMENT The judgment of the court was delivered by M. M. KUMAR J. - This petition filed under section 256(2) of the Income-tax Act, 1961 (for brevity "the Act"), cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of the case, the hon'ble Tribunal was right in law in giving retrospective effect to the insertion made in sub clause (ii) of clause (b) of sub-section (2) of section 80HHC by the Finance (No. 2) Act, 1991, with effect from April 1, 1991?" 2. Mr. Yogesh Putney, learned counsel for the Revenue, at the outset has pointed out that in the case of the same assessee earlier in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we find that question No.1 has been answered in favour of the Revenue on the basis of the judgment of the hon'ble Supreme Court in the case of Gem Granites v. CIT [2004] 271 ITR 322. The observations of the Division Bench in that regard reads as under (page 402 of 276 ITR): ".....it is sufficient to mention that the Commissioner of Income-tax (Appeals) as well as the Tribunal have treated t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0HHC (unamended) along with the amendment made by the Finance (No. 2) Act of 1991 was considered. Applying the ratio of the judgment of the hon'ble Supreme Court in respect of the assessment year 1984-85 it was held that the benefit of the amendment made in section 80HHC by the Finance (No. 2) Act of 1991 could not have been extended to the assessee in relation to the assessment year 1984-85. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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