He further submitted that it was necessary to keep the objective of the amendment in mind which would clearly evince that the conditions in clause (d) could not be applied in respect of those projects which had been sanctioned and commenced prior to 01. Therefore it cannot be said that in enacting sub-s. The above definition makes it clear that a ˜stock exchange as formed under Section (2)(j)(a n2(j) stock exchange means" (a) any body of individuals, whether incorporated or not, constituted before corporatisation and demutualisation under sections 4A and 4B, or (b) a body corporate incorporated under the Companies Act, 1956 (1 of 1956) whether under a scheme of corporatisation and demutualisation or otherwise, for the purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities.

With respect to the jurisdiction of the Lucknow Bench, the Builder has relied upon the decision of this Court in Sri Nasiruddin etc. He also advanced various reasons, as would be noted later, necessitating the approach as to why the principle of tax law that the law in force in the Assessment Year is to be applied, insisting that it was a case where departure was needed and such a departure is recognised in certain circumstances, by the courts. 153A of the Act offend Art.

[1975] INSC 191; [1975 (2) SCC 671]. It is true that a candidate has to make a deposit for due nomination for election from a constituency but here again the word 'election' must be read as election to fill a seat from a constituency. Shah Sadiq and Sons[4] and Commissioner of Income Tax (Central)-I, New Delhi v. Reliance has been placed upon paras 37 and 38 and the same are reproduced hereunder: State Transport Appellate Tribunal etc.

Vatika Township Private Limited[5]. The emphasis is again on a seat. Clause (c) gives him the right to defend the action on the ground that the policy is void as having been obtained by non-disclosure of a material fact or a material false representation of fact. Senior counsel who appeared for other assessees argued on the same lines drawing our attention to the reasons which are given by the High Courts in the impugned judgments and supporting those reasons.

Power to issue directions: Save as otherwise provided in section 11, if after making or causing to be made an enquiry, the Board is satisfied that it is necessary,- (i) in the interest of investors, or orderly development of securities market; or (ii) to prevent the affairs of any intermediary or other persons referred to in section 12 being conducted in a manner detrimental to the interest of investors or securities market; or (iii) to secure the proper management of any such intermediary or person, it may issue such directions,- (a) to any person or class of persons referred to in section 12, or associated with the securities market; or (b) to any company in respect of matters specified in section 11A, as may be appropriate in the interests of investors in securities and the securities market] 11C.

As, in our opinion, the Special Officer had wrongly decided that lie could not go into the question whether the nuisance existed his order must - be set aside. Having regard to the view which we take, the contention on behalf of the appellant that the provisions of s. 2(d) of the 1951 Act that when a candidate offers himself for election in a constituency he does so to fill a particular seat in a constituency. These various sections indicate therefore and particularly the definition of the word election in s.

Investigation: (1) Where the Board has reasonable ground to believe that " (a) the transactions in securities are being dealt with in a manner detrimental to the investors or the securities market; or (b) any intermediary or any person associated with the securities market has violated any of the provisions of this Act or the rules or the regulations made or directions issued by the Board thereunder, It may, at any time by order in writing, direct any person (hereafter in this section referred to as the Investigating Authority) specified in the order to investigate the affairs of such intermediary or persons associated with the securities market and to report thereon to the Board Submission was that first alternative was not the best alternative adopted by the High Court and in the interest of justice, the second or third alternative should have been resorted to, more so, when it was found to be case of malice in law which can clearly be inferred from the findings arrived at by the High Court, on the basis of material established on record.

(2) the legislature was contemplating only those defences which were based on the conditions of the policy. In the first instance, he pointed out that this argument of retroactivity was not even raised by the Revenue in the High Courts or before the lower forum or even in the special leave petitions filed in this Court. Mistry, learned senior counsel who appeared on behalf of the assessees in some of these appeals emphatically countered the aforesaid arguments.

He relied upon the judgments of this Court in Commissioner of Income Tax v. 33 makes it clear that a candidate cannot be qualified to be chosen to fill a reserved seat in a constituency unless he makes a particular declaration. 19 of the Constitution does not require to be decided; this position is conceded by the appellant. He further argued that vested rights had accrued in favour of such persons which could not be taken away by the amendment. 33 showed that the election was for a constituency and not for a seat but this argument ignores the definition of election which means election to fill a seat and therefore where the word 'election' in a constituency is used it is to be construed as election to fill a seat in a constituency.