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1 - 10 of 15 (0.22 seconds)Section 171 in The Income Tax Act, 1961 [Entire Act]
Section 25A in The Income Tax Act, 1961 [Entire Act]
Section 68 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 217 in The Income Tax Act, 1961 [Entire Act]
Section 143 in The Income Tax Act, 1961 [Entire Act]
Section 144 in The Income Tax Act, 1961 [Entire Act]
Section 4A in The Companies Act, 1956 [Entire Act]
Commissioner Of Income-Tax vs Sri Jagannath Steel Corporation on 20 December, 1990
3. Mr. S.C. Chatterjee, the Learned Departmental Representative, however raised a point that just as it has been held in the case of CIT v. Sri Jagannath Steel Corporation [1991] 191 ITR 676 by the Calcutta High Court that the first proviso to Section 43B inserted by the Finance Act, 1987 w.e.f. 1-4-1988 was applicable with retrospective effect from 1-4-1984 (1984-85 assessment), it should be held that the substitution of Clause (a) of Section 43B by Finance Act, 1988 w.e.f. 1-4-1989 took retrospective effect from 1-4-1984 and therefore must be held applicable for the assessment year in appeal. We are not able to uphold the point. It is a cardinal principle of construction that every statute is prospective in application unless it is expressly or by necessary implication made to have retrospective operation. A statute which deals with substantive rights is presumed to be only prospective. Statutes dealing with matters of procedure or the machinery provisions of the Act are presumed to be retrospective, unless such retrospectivity is textually inadmissible. The principle against the retrospective application of statutes is applicable with more force in the case of fiscal statutes.