Law:

Section:

(a) Business Profits Tax Act (XXI of 1947), S. 14 and Finance Act (I of 1957), S. 12-Section 14 of Act XXI of 1947 as replaced by S. 34, Income-tax Act under provisions of S. 12, Finance Act, 1957-Question whether provisions of S. 12, Finance Act, 1957 came into force on 4-3-57 when Act received assent of President or ft became operative from 1st day of ensuing financial year i.e. 1-4-57-Held: Finance Act, 1957 came into force on date it received assent of Governor-General i.e. 4-3-57 and S. 14 of Business Profits Tax Act stood repealed and S. 34, Income-tax Act replaced it with immediate effect. Where the question was whether the provisions of section 12 of the Finance Act, 1957 by which section 14 of the Business Profits Tax Act, 1947 was replaced by section 34. Income-tax Act, came into force on 4-3-1957 when the Act received the assent of the President or whether it became operative from the 1st day of the ensuing financial year which fell on 1-4-57. Held: Though the Act is called the Finance Act of 1957, it did not purport to come into force with effect from the 1st day of the financial year. In majority of sections dealing with imposition of taxes and duty the Act specifically provided that these provisions will come into force from the 1st April 1957. But this did not mean that the operation of the Act itself was postponed to that subsequent date. The Act came into force immediately, but the imposition of taxes became operative from 1st April 1957, by virtue of the Act which took immediate effect. The remaining sections of the Act in which no date was prescribed for operation thus came into force immediately, i.e., from 4th March 1957, when the Act received the assent of the President. The operative words "shall be made" in section 12 of the Finance Act, 1957 do not lend to the meaning that the repeal of section 14 and its replacement by section 34 of the Income tax Act was postponed till the levy of Business Profit Tax Act with effect from 1st April 1957. On the contrary the words used by the Parliament left no doubt that the amendments made in the Act took immediate effect. The Finance Act, 1957, did not appoint any date for its commencement. Under…

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