Supreme Court Upholds Assessee in Income Tax Reference on Scope of Section 66 and Non-Retrospectivity of Proviso. High Court's advisory jurisdiction under Section 66 of Indian Income Tax Act, 1922 limited to questions raised or decided by Tribunal, but broadly worded question allowed assessee to raise new contention that fourth proviso to Section 10(2)(vii) was not retrospective....
The dispute arose from the assessment of compensation received by the Scindia Steam Navigation Co. Ltd. for the loss of its requisitioned steamship 'El Madina' during the Second World War. The assesse...
