Wednesday 22 May 2013

No reassessment could be initiated after 4 years merely on basis of retro amendment to law

IT : Where there was no failure on part of assessee to disclose all material facts necessary for assessment, reassessment proceedings could not be initiated after expiry of four years from relevant assessment year merely on ground that in view of retrospective amendment to provisions of section 80-IA, assessee was not entitled to deduction granted under said section earlier


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