Whether the amendment brought in Section 50C of the Act prospective or retrospective in nature?
Whether the amendment brought in Section 50C of the Act prospective or retrospective in nature?
Kanishka Feb. 02, 2018
In the case of R.Sugantha Ravindran held that Departmental circulars are binding on the revenue and that department cannot contend that the circular are against the statutory provisions. HC also opined that amendment brought in Section 50C by Finance Act, 2009 is prospective in nature and cannot be applied to transactions undertaken prior to 01.10.2009.
