Friday, July 13, 2012

Tax benefits cannot be withdrawn from a past date: Gujarat High Court

A Gujarat High Court verdict has thrown open the debate on constitutional validity of retrospective
changes in the income tax laws. It has said that an amendment in income tax law, withdrawing
benefits under a popular export incentive scheme, could not be done from a past date. A division bench of acting Chief Justice Bhaskar Bhattarcharya and Justice J B Padriwala has held that the amendment to section 80-HHC in 2005 seeking to withdraw incentives granted to exporters from 1998 was valid but could not be implemented retrospectively.


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