TABACCO BOARD Vs. COMMISSIONER OF INCOME TAX VIJAYAWADA

JUDGEMENT

(1.) Leave granted.

(2.) In view of the provision in Section 10 (29-A) (d) introduced by the finance Act, 1999, the Tobacco Board's income becomes exempt from income lax for any assessment year with effect from 1-4-1975 or the previous year in which the Board was constituted. Hence the assessments already made stand set aside by virtue of Section 10 (29-A) (d) with retrospective effect. We declare accordingly and allow the appeal holding that there is no liability to income tax as provided in Section 10 (29-A) (d). The appellant will also be entitled to refund consequent to retrospective amendment passed by Parliament.

(3.) The appeal is disposed of accordingly. There will be no order as to costs.