Law: Income Tax Act, 1961

Section: 80-P,226

Income-tax----Cooperative society---Special deduction---Law applicable---Amendment of S.80-P(2)(a)(iii) with retrospective effect---Order passed by High Court in reference subsequent to amendment not taking note of amendment---Writ petition challenging validity of amendment---Direction to High Court to consider reference afresh alongwith writ petition---Indian Income Tax Act, 1961, S.80-P---Constitution of India, Art. 226. On a reference of the question whether the assessee, a cooperative society, was entitled to deduction under section 80P(2)(a)(iii) of the Income Tax Act, 1961, in respect of profits derived by marketing agricultural produce of its members, the High Court held that it was. On appeal to the Supreme Court: Held, that the question basically was in regard to the retrospective operation of section 80P(2)(a)(iii) of the Income Tax Act, 1961, as amended by the Income-tax (Second Amendment) Act of 1998, with retrospective effect from April 1, 1968. The order under challenge, though subsequent to the date of the amendment, did not take note thereof. The, respondents had now filed a writ petition in, the High Court which challenged the validity of the said amendment. CIT v. National Agricultural Corporation Marketing Federation Ltd:…

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