ASST. COMMNR. OF AGRI. INCOME TAX vs M/S. NETLEY 'B' ESTATE .

The Supreme Court examined the retrospective amendment to Section 26(4) of the Karnataka Agricultural Income Tax Act, which deems income received post-dissolution of a firm as taxable if it pertains to income earned prior to dissolution. The Court held that such retrospective application is valid, emphasizing that the amendment clarifies the tax liability of firms post-dissolution. The judgment upheld the assessment made under the amended provision, affirming the authority of the tax officer to assess income received after dissolution.