Supreme Court Of India
K.K. Doshi & Co. vs. CIT
Section 80HHC
Asst. yr. 1990-91
Ashok Bhan, H.S. Bedi & V.S. Sirpurkar, JJ.
Civil Appeal Nos. 7767 & 7768 of 2001
25th October, 2007
Counsel Appeared : Subhash S. Shetty & Rustom B. Hathikhanawala, for the Appellant : V. Shekhar with T.A. Khan for
B.V. Balaram Das, for the Respondent
ORDER
By the court :
The main point in this appeal is as to whether the amendment to s. 80HHC of the IT Act, 1961, brought about by the Finance (No. 2) Act, 1991, w.e.f. 1st April, 1992, is prospective in nature or is retrospective. This Court in the case of P.R. Prabhakar vs. CIT (2006) 204 CTR (SC) 27 : (2006) 284 ITR 548 (SC), relying upon Circular No. 621, dt. 19th Dec., 1991 [(1992) 101 CTR (St) 1] issued by the CBDT, has held that the amendment in question is prospective in nature and the same is binding on the Revenue. In view of Circular No. 621, dt. 19th Dec., 1991 issued by the CBDT and the aforesaid judgment of this Court, these appeals are accepted and the orders passed by the High Court of Bombay are set aside leaving the parties to bear their own costs. The appeals stand allowed in the above terms.
[Citation : 297 ITR 38]
