- (1.) We are not impressed by the submission on behalf of the appellant that the judgment of this Court in the case of H. H. Sir Rama Varma v. Commissioner of Income Tax [jt 1993 (6) SC 183], needs reconsideration by a larger bench. That judgment notes that Sections 80-AA and 80-AB of the Income tax Act, 1961 were introduced at one and the same point of time and that section 80-AA was given retrospective operation with effect from 1st April, 1968. It notes that it was held in the case of Distributors (Baroda) P. Ltd. v. Union of India. [155 ITR 120], that section 80-AA was declaratory of the law as it always had been since 1st april, 1968. On a parity of reasoning, it was held in the judgment in H. H. Sir rama Varma (supra) that Section 80- ab was also enacted to declare the law as it always stood. Whether, therefore, circulars of the Board have stated that section 80-AB was prospective is of no relevance and the judgment cannot be reconsidered on that ground.
(2.) The appeal is covered against the appellant by the judgment in the case of H. H. Sir Rama Varma (supra). The appeal is, therefore, dismissed. No order as to costs.;