The Medical Council of India in exercise of powers conferred under the Medical Council of India Act, 1956 framed the regulations called the Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002. These regulations pertain to the professional conduct, etiquette and ethics for medical practitioners. A notice of reassessment was issued  on the ground that a claim which was prohibited by the terms of the Medical Council had been allowed in the original assessment. On writ allowing the petition the Court held that there was no failure to disclose any material facts  The Central Board of Direct Taxes issued Circular No. 5 of 2012 dated August 1, 2012 [2012] 346 ITR (St.) 95) to the effect that receipt of gifts, cash, travel facilities and hospitality from the pharmaceutical or allied health sector having been prohibited under the Regulations of 2002 they would be inadmissible under section 37 of the Income-tax Act, 1961, being prohibited by law was with effect from December  10, 2009 is not applicable for the relevant assessment year. Court held that  it is settled that the law to be applied is the one that is in force in the relevant assessment year, unless otherwise provided expressly or by necessary implication. Accordingly the notice and order disposing the objection is quashed.  Referred, Apex Laboratories Pvt Ltd v. Dy. CIT (2022) 442 ITR 1(SC). (AY.2008-09)