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Vora Financial Services Private ... vs Assistant Commissioner Of Income Tax ... on 29 June, 2018
cites
Section 2 in The Coinage Act, 2011 [Entire Act]
Section 56 in The Companies Act, 1956 [Entire Act]
Section 77 in The Companies Act, 1956 [Entire Act]
The Companies Act, 1956
The Gift-Tax Act, 1958
Seksaria Biswan Sugar Factory Ltd. And ... vs Inspecting Assistant Commissioner And ... on 16 March, 1990
It is pertinent to note that the
Chennai bench of Tribunal has placed its reliance on the decision rendered
by Hon'ble Bombay High Court in the case of Seksaria Biswan Sugar
Factory Ltd vs. Inspecting Assistant Commissioner (1990)(184 ITR 123). In
the case of Sekasaria Biswan Sugar Factory Ltd, the assessment was re-
opened to withdraw the deduction allowed u/s 35CCA of the Act on the
basis of cancellation of approval with retrospective effect. The Hon'ble
Bombay High Court expressed the view that the giving retrospective effect
to the cancellation of approval was not valid. Accordingly the Hon'ble
Bombay High Court held that the notice of reassessment was not valid.
The Finance Act, 2018
Section 5 in The Coinage Act, 2011 [Entire Act]
Commissioner Of Income-Tax vs General Magnets Ltd. on 3 July, 2001
17. Assuming by mistake the approval has been given to the wrong
society. But for mistake of the department, why should the assessee
suffer? That withdrawal of approval to the society with retrospective
effect is itself bad. No assessee should suffer for mistake of the
Department. The Department has the power of withdrawal but in
such cases withdrawal can be only with prospective effect. If the
donation to the approved society is genuine in that case withdrawal
with retrospective effect does not affect the right of the assessee for
deduction of the amount which has accrued to the assessee on the
basis of the payment to an approved society under section 35CCA of
the Act."