(1.) The following question has been referred:-
(2.) It appears that by the amending Act known as Taxation Laws (Amendment) Act, 1975 (Central Act No. 41 of 1975), which received the assent of President of India on 7.8.1975, one of the changes brought about was in Section 64 of the Income Tax Act by virtue of Section 13 of the amendment Act. In substance the altered situation is as follows:
(3.) Every year when the Finance Act determines a new rate of tax or surcharge, it normally comes into effect w.e.f. 1st of April and it governs the previous year of the assessee which is to commence w.e.f. that 1st April.