Asst. Commnr. Of Agri. Income Tax & Ors vs M/S. Netley 'B' Estate & Ors

The Supreme Court examined the retrospective amendment to Section 26(4) of the Karnataka Agricultural Income Tax Act, which deems income received after the dissolution of a firm as taxable. The Court held that such retrospective application is valid, affirming that income received post-dissolution but related to pre-dissolution activities is taxable under the Act. The judgment clarified the interpretation of Sections 26 and 27, emphasizing the liability of partners for tax assessments even after dissolution.