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Whether the amendment brought in Section 50C (of …

Whether the amendment brought in Section 50C (of Income Tax Act, 1961) prospective or retrospective…

Whether the amendment brought in Section 50C (of Income Tax Act, 1961) prospective or retrospective in nature?

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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.