Sedco Forex International Drill. Inc. v. CIT

12 SCC 717Supreme Court of India2005#276 most cited

What is Sedco Forex International Drill. Inc. v. CIT authority for?

A cardinal principle of tax law is that the law in force for the relevant assessment year applies unless expressly or necessarily provided otherwise. A retrospective tax provision stated to be 'for the removal of doubts' is not presumed retrospective if it alters or changes the law as it earlier stood.

285

judgments rely on this decision, according to BharatTax’s citation analysis of 367,842 Indian tax judgments — from 2008 to 2025.

Also referred to as

Sedco Forex International Drill Inc v CIT · 12 SCC 717 · retrospective tax provision · removal of doubts clause · clarificatory amendment · statutory interpretation · law in force · relevant assessment year · alters or changes law · Section 14A · Section 143

Also reported as

149 Taxmann 352

Sections most often in play

Section 14ASection 143(3)Section 115JBSection 8DSection 36(1)(vii)Section 36(1)(viia)Section 250Section 143(1)
Read the full judgment

Issues it is cited on

section 9(1)(ii)section 80absection 73clarificatory amendmentretrospective amendmentsection 9(1)disallowance under section 14asection 80aunabsorbed depreciationsection 119disallowance u/s 14abook profits

Judgments citing Sedco Forex International Drill. Inc. v. CIT

Suzlon Energy Ltd., Ahmedabad vs. The Dy. Commissioner of Income Tax Circle-4(1)(1), Ahmedabad

In the result the Ground Nos

ITA 199/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2017-18

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

Section 115JSection 143(3)Section 14A

…apply in relation to the assessment year 2022-23 and subsequent assessment years. The relevant extract of Clauses 4, 5, 6 & 7 of the Memorandum of Finance Bill, 2022 … … … Furthermore, the Supreme Court in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 has held that a retrospective provision in a tax act which is "for the removal of doubts" cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. The relevant extract of the said judgment is reproduced herein below (page 316 of 279 ITR) “The High Court did not refer to the 199…

Suzlon Energy Ltd., Ahmedabad vs. The Dy. Commissioner of Income Tax Circle-4(1)(1), Ahmedabad

In the result the Ground Nos

ITA 198/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2016-17

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

Section 115JSection 143(3)Section 14A

…apply in relation to the assessment year 2022-23 and subsequent assessment years. The relevant extract of Clauses 4, 5, 6 & 7 of the Memorandum of Finance Bill, 2022 … … … Furthermore, the Supreme Court in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 has held that a retrospective provision in a tax act which is "for the removal of doubts" cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. The relevant extract of the said judgment is reproduced herein below (page 316 of 279 ITR) “The High Court did not refer to the 199…

Satidham Syntex Limited, Mumbai vs. The Assistant Commissioner of Income Tax, Circle 5(3)(1), Mumbai

In the result, the appeals

ITA 3611/MUM/2024[2017-18]Status: DisposedITAT Mumbai30 Oct 2024AY 2017-18

Bench: Smt. Beena Pillai & Shri Prabhash Shankarassessment Year: 2014-15 & Assessment Year: 2017-18

For Appellant: Shri Rakesh Joshi,CAFor Respondent: Shri Bhangepatil P.Ramesh,Sr.DR
Section 143(3)Section 14ASection 41Section 41(1)

…f section 14A which is “for removal of doubts” cannot be presumed to be retrospective even where such language is used, if it alters or changes the law as it earlier stood. Furthermore, the Supreme Court in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 has held that a retrospective provision in a tax act that is “for the removal of doubts” cannot be presumed to be retrospective, even where such language is used if it alters or changes the law as it earlier stood. Therefore, the Explanation to Section 14A of the Income Tax Act, 1961, inserted vide Finance Act 2022, is applicable prospectively. 5…

Satidham Syntex Limited, Mumbai vs. Income Tax Officer-5(3)(2), Mumbai

In the result, the appeals

ITA 3610/MUM/2024[2014-15]Status: DisposedITAT Mumbai30 Oct 2024AY 2014-15

Bench: Smt. Beena Pillai & Shri Prabhash Shankarassessment Year: 2014-15 & Assessment Year: 2017-18

For Appellant: Shri Rakesh Joshi,CAFor Respondent: Shri Bhangepatil P.Ramesh,Sr.DR
Section 143(3)Section 14ASection 41Section 41(1)

…f section 14A which is “for removal of doubts” cannot be presumed to be retrospective even where such language is used, if it alters or changes the law as it earlier stood. Furthermore, the Supreme Court in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 has held that a retrospective provision in a tax act that is “for the removal of doubts” cannot be presumed to be retrospective, even where such language is used if it alters or changes the law as it earlier stood. Therefore, the Explanation to Section 14A of the Income Tax Act, 1961, inserted vide Finance Act 2022, is applicable prospectively. 5…

Deputy Commissioner of Income-Tax-8(3), Mumbai vs. Rosy Blue (India) Private Limited, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 582/MUM/2024[2017-18]Status: DisposedITAT Mumbai16 Sept 2024AY 2017-18

Bench: Ms. Kavitha Rajagopal, Jm & Shri Girish Agrawal, Am Dy. Cit-8(3) Rosy Blue (India) Private Limited Room No. 656, 6Th Floor, 1608/09, Prasad Chambers, Aayakar Bhavan, Mumbai-400 020 Vs. Tata Road No.2, Opera House, Mumbai-400 004

For Appellant: ShriNitesh Joshi, Ashwin KasinathFor Respondent: Smt. Mahita Nair
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SHRI GIRISH AGRAWAL, AM Dy. CIT-8(3) Rosy Blue (India) Private Limited Room No. 656, 6th Floor, 1608/09, Prasad Chambers, Aayakar Bhavan, Mumbai-400 020 Vs. Tata Road No.2, Opera House, Mumbai-400 004 PAN/GIR No.AACCR 2413 B (Assessee) (Respondent) : Assesseeby : ShriNitesh Joshi, Ashwin Kasinath Respondent by : Smt. Mahita Nair Date of Hearing : 18.06.2024 Date of Pronouncement : 16.09.2024 O R D E R Per Kavitha Rajagopal, J M: This appeal has been filed by the Revenue, against the order of the learned Commissioner…

Rajapalayam Mills Ltd., Virudhunagar vs. DCIT, Corporate Circle, Madurai

In the result, the appeal filed by the assessee is allowed

ITA 1251/CHNY/2024[2017-18]Status: DisposedITAT Chennai14 Aug 2024AY 2017-18

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. No.1251/Chny/2024 िनधा"रण वष"/Assessment Years: 2017-18 Rajapalayam Mills Limited, Vs. The Deputy Commissioner Of Post Box No. 1, Rajapalayam Mills Income Tax, Premises, P.A.C. Ramasamy Raja Corporate Circle, Salai, Rajapalayam, Madurai. Virudhunagar 626 117. [Pan: Aaacr8897F] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri S. Muralidhar, F.C.A. ""थ" की ओर से/Respondent By : Shri R. Clement Ramesh Kumar, Cit सुनवाई की तारीख/ Date Of Hearing : 12.08.2024 घोषणा की तारीख /Date Of Pronouncement : 14.08.2024 आदेश /O R D E R Per S.S. Viswanethra Ravi: This Appeal By The Assessee Is Directed Against The Order Dated 30.03.2024 Passed By The Ld. Principal Commissioner Of Income Tax, Madurai Under Section 263 Of The Income Tax Act, 1961 [“Act” In Short] For The Assessment Year 2017-18. 2. The Assessee Raised 9 Grounds Amongst Which The Only Issue Emanates For Our Consideration Is Whether The Ld. Pcit Is Justified In Directing The Assessing Officer For Working Out Disallowance Under Section 2

For Appellant: Shri S. Muralidhar, F.C.AFor Respondent: Shri R. Clement Ramesh Kumar, CIT
Section 142(1)Section 14ASection 2Section 263

…endment will take effect from 1st April, 2022 and will accordingly apply in relation to the assessment year 2022-23 and subsequent assessment years." (emphasis supplied) 6. Furthermore, the Supreme Court in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 has held that a retrospective provision in a tax act which is "for the removal of doubts" cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. The relevant extract of the said judgment is reproduced herein below: "9. The High Court did not refer to the 1999 Explanation in up…

Shriram Finance Limited, Chennai vs. DCIT, Corporate Circle 3(1), Chennai

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 173/CHNY/2024[2020-2021]Status: DisposedITAT Chennai09 Aug 2024AY 2020-2021

Bench: Shri S.S. Viswanethra Ravi & Shri S.R. Raghunathaआयकर अपील सं./I.T.A. No.173/Chny/2024 िनधा"रण वष"/Assessment Year: 2020-21 Shriram Finance Limited Vs. The Deputy Commissioner Of [Formerly Known As Shriram Transport Income Tax, Finance Company Limited), Corporate Circle 3(1), Sri Towers, Plot No. 14A, South Phase, Chennai. Industrial Estate, Guindy, Chennai 600 017. [Pan: Aaacs7018R] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Sivaraman, Advocate ""थ" की ओर से/Respondent By : Shri R.V. Aroon Prasad, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 25.07.2024 घोषणा की तारीख /Date Of Pronouncement : 09.08.2024 आदेश /O R D E R Per S.S. Viswanethra Ravi: This Appeal Filed By The Assessee Is Directed Against The Order Dated 29.11.2023 Passed By The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre [Nfac], Delhi For The Assessment Year 2020-21. 2. Ground No. 1 Is General In Nature & Requires No Adjudication.

For Appellant: Shri R. Sivaraman, AdvocateFor Respondent: Shri R.V. Aroon Prasad, Addl. CIT
Section 14ASection 2

…endment will take effect from 1st April, 2022 and will accordingly apply in relation to the assessment year 2022-23 and subsequent assessment years." (emphasis supplied) 6. Furthermore, the Supreme Court in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 has held that a retrospective provision in a tax act which is "for the removal of doubts" cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. The relevant extract of the said judgment is reproduced herein below: "9. The High Court did not refer to the 1999 Explanation in up…

M/S Longview Tea Co. Ltd., Kolkata vs. DCIT, Cir. -6(1), Kolkata

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 130/KOL/2024[2014-15]Status: DisposedITAT Kolkata02 Aug 2024AY 2014-15

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 143(2)Section 14ASection 250

…endment will take effect from 1st April, 2022 and will accordingly apply in relation to the assessment year 2022-23 and subsequent assessment years.” (emphasis supplied) 6. Furthermore, the Supreme Court in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 has held that a retrospective provision in a tax act which is “for the removal of doubts” cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. The relevant extract of the said judgment is reproduced herein below: 5 AY: 2014-15 M/s. Longview Tea Co. Ltd. “9. The High Court…

Silver Wings Life Spaces, Kota vs. DCIT Circle-1 Kota, Kota

In the result, the appeal of the assessee is allowed

ITA 511/JPR/2024[2017-18]Status: DisposedITAT Jaipur31 Jul 2024AY 2017-18

Bench: Learned Cit(A), Which Appeal Was Filed By The Assessee

For Appellant: Sh. Shrawan Kumar Gupta, AdvFor Respondent: Sh. A. S. Nehra(Addl. CIT)
Section 115BSection 143(3)Section 145(3)Section 234ASection 69

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR Jh jkBkSM+ deys'k t;UrHkkbZ] ys[kk lnL; ,o Jh ujsUn zdqekj] U;kf;d lnL; ds le{k BEFORE: SHRI RATHOD KAMLESH JAYANTBHAI, AM & SHRI NARINDER KUMAR, JM vk;djvihy la-@ITA No.511/JP/2024 fu/kZkj.k o"kZ@Assessment Year : 2017-18 cuke Silver Wings Life Spaces DCIT Vs. Plot No. 3, 4 Commercial Circle-01, Complex, Behind Madhushree Kota Hotel Rajiv Gandhi Nagar, Kota LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.:ACSFS 4581 L vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@Assessee by : Sh. Shrawan Kumar G…

DCIT Central Circle-28, New Delhi vs. Jindal Itf Limited, New Delhi

Accordingly, the appeal and application are dismissed

ITA 1776/DEL/2023[2012-13]Status: DisposedITAT Delhi08 Jul 2024AY 2012-13

Bench: Shri G. S. Pannu & Ms. Madhumita Royi.T.A. No. 1776/Del/2023 (Assessment Year : 2012-13) Dcit Vs. M/S. Jindal Itf Limited Central Circle – 28 28, Shivaji Marg, New Delhi New Delhi-110 015 Pan: Aabcj 9263 C (Appellant) .. (Respondent)

For Appellant: Shri Vinod Kumar Bindal, CAFor Respondent: Ms. Parul Singh, Sr. D.R
Section 143(3)Section 14ASection 14A(2)Section 250

…endment will take effect from 1st April, 2022 and will accordingly apply in relation to the assessment year 2022-23 and subsequent assessment years." (emphasis supplied) 6. Furthermore, the Supreme Court in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 has held that a retrospective provision in a tax act which is "for the removal of doubts" cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. The relevant extract of the said judgment is reproduced herein below: "9. The High Court did not refer to the 1999 Explanation in up…

DCIT 3(3)(1), Mumbai vs. Sp Port Maintenance Private Limited, Mumbai

ITA 3896/MUM/2023[2018-19]Status: DisposedITAT Mumbai25 Jun 2024AY 2018-19

Bench: Ms. Padmavathy S. & Shri. Raj Kumar Chauhan

Section 115JSection 142(1)Section 143(2)Section 14ASection 250

…ation would take effect from 01.04.2022 and will accordingly applied in relation to the A.Y. 2022-23 and subsequent years. The Hon'ble High Court while referring and relying upon the Hon'ble Supreme Court in Sedco Forex International Drill Inc. Vs. CIT [2005] 149 Taxmann 352/279 ITR 310 has held that a retrospective provision in a tax act which is “for the removal of doubts…

DCIT 3(3)(1), Mumbai vs. Sp Port Maintenance Private Limited, Mumbai

In the result, appeal filed by the revenue are dismissed in the above terms

ITA 3895/MUM/2023[2017-18]Status: DisposedITAT Mumbai25 Jun 2024AY 2017-18

Bench: Ms. Padmavathy S. & Shri. Raj Kumar Chauhan & Dcit 3(3)1 Vs. Sp Port Maintenance Private Room No. 522, Aaykar Bhavan, M. Limited K. Road, Churchgate, Mumbai – 41/44, Shapoorji Pallonji 400 020. Centre Mumbai, Colaba S.O, Pan: Aaxcs6219B Mumbai – 400 005. (Appellant) (Respondent)

Section 115JSection 142(1)Section 143(2)Section 14ASection 250

…ation would take effect from 01.04.2022 and will accordingly applied in relation to the A.Y. 2022-23 and subsequent years. The Hon’ble High Court while referring and relying upon the Hon'ble Supreme Court in Sedco Forex International Drill Inc. Vs. CIT [2005] 149 Taxmann 352/279 ITR 310 has held that a retrospective provision in a tax act which is “for the removal of doubts” cannot be presumed to be retrospective, even where such language is used, if it alters or changed the law as it earlier stood. The Hon'ble High Court concluded in para 8 as under: “8. Consequently, this Court is of the view that the amendmen…

Zodiac Ventures Ltd, Mumbai vs. Income Tax Officer Ward 1(3)(4), Mumbai

In the result, appeal filed by the assessee is allowed in the above terms

ITA 4754/MUM/2023[2016-17]Status: DisposedITAT Mumbai18 Jun 2024AY 2016-17

Bench: Ms. Padmavathy S & Shri. Raj Kumar Chauhanzodiac Ventures Ltd. Vs. Income Tax Officer Ward 404, Dev Plaza, 68, S.V. Road, 11(3)(4) Andheri West, Mumbai – Aayakar Bhawan, Maharshi 400058. Karve Road, Mumbai- Pan: Aafps7328J 400020. (Appellant) (Respondent)

Section 14ASection 250

…provision in a tax act which is “for the removal of doubts” cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. This was stated in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 as follows: 17. As was affirmed by this Court in Goslino Mario [(2000) 10 SCC 165] a cardinal principle of the tax law is that the law to be applied is that which is in force in the relevant assessment year unless otherwise provided expressly or by necessary implication. (See also Reliance Jute and Industries Ltd. v. CIT [(1980) 1 SCC 139].) An Ex…

Tata International Ltd, Mumbai vs. DCIT RG 14(3)1), Mumbai

In the result, the ground no

ITA 1195/MUM/2015[2010-11]Status: DisposedITAT Mumbai28 May 2024AY 2010-11

Bench: Shri Anikesh Banerjee & Miss Padmavathy S.

For Appellant: Shri Nitesh Joshi a/w Ninad PatadeFor Respondent: Ms. Dhivya Ruth SR.DR
Section 143(3)Section 144C(5)Section 92CSection 92C(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI ANIKESH BANERJEE, JUDICIAL MEMBER AND MISS PADMAVATHY S., ACCOUNTANT MEMBER ITA 1195/Mum/2015 (Assessment year : 2010-11) TATA INTERNATIONAL vs DCIT RG 14(3)(1) 4TH LIMITED, AAYAKAR BHAVAN, 7th Floor, Trent House, C-60, FLOOR, Block-G, Bandra Kurla R.NO.474 M.K.MARG, Complex, Bandra (East) MUMBAI-400 020 Mumbai-400 051 PAN :AAACT3198F APPELLANT RESPONDENT Assessee by : Shri Nitesh Joshi a/w Ninad Patade, Ms Hetal Sangani Respondent by : Ms. Dhivya Ruth SR.DR Date of hearing : 16/05/2024 Date of pronouncement : 28/05/2024 O R D E R PER ANIKE…

ITO, Ward-5(1), Kolkata vs. M/S Vishnu Distributors Pvt Ltd, Kolkata

In the result, the appeal of the Revenue is devoid of any merit, hence dismissed

ITA 50/KOL/2022[2012-13]Status: DisposedITAT Kolkata20 May 2024AY 2012-13

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 50/Kol/2022 Assessment Year: 2012-2013

Section 131Section 14ASection 68

…l, 2022 and will accordingly apply in relation to the assessment year 2022-23 and subsequent assessment years.” (emphasis supplied) 14 Vishnu Distributors Pvt. Limited 6. Furthermore, the Supreme Court in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 has held that a retrospective provision in a tax act which is “for the removal of doubts” cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. The relevant extract of the said judgment is reproduced herein below: “9. The High Court did not refer to the 1999 Explanation in up…

M/S. Vedanga Vinimoy Pvt.Ltd., Kolkata vs. ITO, Ward-2(1), Kolkata.

In the result, the appeal of the assessee is hereby allowed

ITA 1165/KOL/2023[2017-18]Status: DisposedITAT Kolkata30 Jan 2024AY 2017-18

Bench: Shri Sonjoy Sarma & Shri Girish Agrawal]

Section 14A

…ndment will take effect from 1st April, 2022 and will accordingly apply in relation to the assessment year 2022-23 and subsequent assessment years." (emphasis supplied) 6. Furthermore, the Supreme Court in Sedco Forex International Drill. Inc. v. CIT, (2005) 12 SCC 717 has held that a retrospective provision in a tax act which is "for the removal of doubts" cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. The relevant extract of the said judgment is reproduced herein below: Signature Not Verified Digitally Signed By:JASWANT SINGH RAWA…

DCIT-2(3)(1), Mumbai vs. Hdfc Bank Limited, Mumbai

In the result, the assessee's appeal for AY 2016-17 to AY 2018-19 is allowed and the Revenue's appeal for AY 2016-17 to 2018-19 is dismissed

ITA 3375/MUM/2023[2016-17]Status: DisposedITAT Mumbai24 Jan 2024AY 2016-17

Bench: Shri Kuldip Singh, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar a/w ShriFor Respondent: Shri Biswanath Das, CIT-DR
Section 14ASection 36(1)(viia)

…e provision in a tax act which is "for the removal of doubts" cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. This was stated in Sedco Forex International Drill inc. v. CIT, (2005) 12 SCC 717 as follows: 17. As was affirmed by this Court in Goslino Mario [(2000) 10 SCC 165] a cardinal principle of the tax law is that the law to be applied is that which is in force in the relevant assessment year unless otherwise provided expressly or by necessary implication. (See also Reliance Jute and Industries Ltd. v. CIT [(1980) 1 SCC 1391) An Exp…

DCIT 2(3)(1), Mumbai vs. Hdfc Bank Limited, Mumbai

In the result, the assessee's appeal for AY 2016-17 to AY 2018-19 is allowed and the Revenue's appeal for AY 2016-17 to 2018-19 is dismissed

ITA 3374/MUM/2023[2017-18]Status: DisposedITAT Mumbai24 Jan 2024AY 2017-18

Bench: Shri Kuldip Singh, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar a/w ShriFor Respondent: Shri Biswanath Das, CIT-DR
Section 14ASection 36(1)(viia)

…e provision in a tax act which is "for the removal of doubts" cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. This was stated in Sedco Forex International Drill inc. v. CIT, (2005) 12 SCC 717 as follows: 17. As was affirmed by this Court in Goslino Mario [(2000) 10 SCC 165] a cardinal principle of the tax law is that the law to be applied is that which is in force in the relevant assessment year unless otherwise provided expressly or by necessary implication. (See also Reliance Jute and Industries Ltd. v. CIT [(1980) 1 SCC 1391) An Exp…

DCIT 2(3)(1), Mumbai vs. Hdfc Bank Limited, Mumbai

In the result, the assessee's appeal for AY 2016-17 to AY 2018-19 is allowed and the Revenue's appeal for AY 2016-17 to 2018-19 is dismissed

ITA 3371/MUM/2023[2018-19]Status: DisposedITAT Mumbai24 Jan 2024AY 2018-19

Bench: Shri Kuldip Singh, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar a/w ShriFor Respondent: Shri Biswanath Das, CIT-DR
Section 14ASection 36(1)(viia)

…e provision in a tax act which is "for the removal of doubts" cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. This was stated in Sedco Forex International Drill inc. v. CIT, (2005) 12 SCC 717 as follows: 17. As was affirmed by this Court in Goslino Mario [(2000) 10 SCC 165] a cardinal principle of the tax law is that the law to be applied is that which is in force in the relevant assessment year unless otherwise provided expressly or by necessary implication. (See also Reliance Jute and Industries Ltd. v. CIT [(1980) 1 SCC 1391) An Exp…

Hdfc Bank Limited, Mumbai vs. The Deputy Commissioner of Income Tax-2(3)(1), Mumbai

In the result, the assessee's appeal for AY 2016-17 to AY 2018-19 is allowed and the Revenue's appeal for AY 2016-17 to 2018-19 is dismissed

ITA 1785/MUM/2023[2018-2019]Status: DisposedITAT Mumbai24 Jan 2024AY 2018-2019

Bench: Shri Kuldip Singh, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar a/w ShriFor Respondent: Shri Biswanath Das, CIT-DR
Section 14ASection 36(1)(viia)

…e provision in a tax act which is "for the removal of doubts" cannot be presumed to be retrospective, even where such language is used, if it alters or changes the law as it earlier stood. This was stated in Sedco Forex International Drill inc. v. CIT, (2005) 12 SCC 717 as follows: 17. As was affirmed by this Court in Goslino Mario [(2000) 10 SCC 165] a cardinal principle of the tax law is that the law to be applied is that which is in force in the relevant assessment year unless otherwise provided expressly or by necessary implication. (See also Reliance Jute and Industries Ltd. v. CIT [(1980) 1 SCC 1391) An Exp…