2009 (1) TMI 217

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tax Act is to be increased by surcharge levied by a Central Act, we are of the opinion that keeping in view the principles of law that the taxing statute should be construed strictly and a statute, ordinarily, should not be held to have any retrospective effect, it is necessary that the matter be considered by a larger Bench - 540 of 2009 - - - Dated:- 6-1-2009 - S. B. SINHA and DR. MUKUNDAKAM .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d seizure took place on October 6, 2001. An order of block assessment in terms of section 158BC was made in respect of the assessment years 1984 to 2003. The surcharge was levied on June 30, 2003. 4. In support of his contention that the said proviso was retrospective in nature, the learned Additional Solicitor General relies upon a Division Bench decision of this court in CIT v. Suresh N. G .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cability of a particular FA. Therefore, we have to read the proviso as it stands. 38. There is one more reason for rejecting the above submission. Prior to June 1, 2002, in several cases, tax was prescribed sometimes in the 1961 Act and sometimes in FA and often in both. This made liability uncertain. In the present case, however, the rate of tax in case of block assessment at 60% was prescribed .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X