Supreme Court Latest Judgements
WE bring you today two important Supreme Court judgements delivered on Friday 15th May 2015.
Income tax - Whether Section 80IB(10)(d) of the Income Tax Act, 1961 applies to a housing project approved before 31.03.2005 but completed on or after 01.04.2005? - yes, says the Supreme Court
Effect of 'savings' provision in the General Clauses Act:
The Supreme Court quoted from an old judgement, "A right which had accrued and had become vested continued to be capable of being enforced notwithstanding the repeal of the statute under which that right accrued unless the repealing statute took away such right expressly or by necessary implication. This is the effect of Section 6 of the General Clauses Act, 1897. In this case the 'savings' provision in the repealing statute is not exhaustive of the rights which are saved or which survive the repeal of the statute under which such rights had accrued. In other words, whatever rights are expressly saved by the 'savings' provision stand saved. But, that does not mean that rights which are not saved by the 'savings' provision are extinguished or stand ipso facto terminated by the mere fact that a new statute repealing the old statute is enacted. Rights which have accrued are saved unless they are taken away expressly. This is the principle behind Section 6(c) of the General Clauses Act, 1897.
Income tax - Whether when unabsorbed depreciation of earlier years is carried forward it loses its identity by getting merged with the current year depreciation when it comes to claiming the same - YES: Supreme Court:
The bone of contention before the Apex Court is - Whether when unabsorbed depreciation of earlier years is carried forward it loses its identity by getting merged with the current year depreciation when it comes to claiming the same. YES is the answer.