COMMISSIONER OF INCOME TAX Vs. DOSSENI FILMS

JUDGEMENT

(1.) THE following two questions of law have been referred to this Court by the Tribunal under S. 256 (1) of the IT Act, 1961 ('the Act') :-

(2.) IT has been contended on behalf of the Department that the Tribunal has rectified its earlier order and that the rectification order was not made according to law. Next, it was argued that two view were possible to be taken with regard to scope and effect of the various circulars and also the applicability thereof. It was further argued that the Tribunal should not have entertained the miscellaneous application for rectification of its earlier order.

(3.) LASTLY , came the Circular No. 92, dt. 18th Sept., 1972, and Circular dt. 5th Dec., 1974. The assessment year involved in this case being the asst. yr. 1970-71 and 1971-72, these circulars on the face of it, should not have been applied to these year. The law must be the law as was in force on the first day of the assessment year.