High Court upholds reassessment based on retrospective tax law amendment The High Court Bombay dismissed appeals challenging the cancellation of reassessment proceedings initiated beyond the statutory four-year limit. The ...
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High Court upholds reassessment based on retrospective tax law amendment
The High Court Bombay dismissed appeals challenging the cancellation of reassessment proceedings initiated beyond the statutory four-year limit. The reassessment, based on a retrospective amendment to tax laws, was upheld by the court, ruling that such amendments do not imply failure to disclose material facts by the assessee. The appeals were dismissed without costs.
The High Court Bombay dismissed the appeals questioning the cancellation of reassessment proceedings initiated by the Assessing Officer beyond four years from the end of the relevant assessment year. The reassessment was based on a retrospective amendment to section 80HHC introduced by the Taxation Laws (Amendment) Act, 2005. The court ruled that if the Legislature makes a retrospective amendment, it cannot be considered a failure on the part of the assessee to disclose all material facts. The appeals were dismissed with no costs.
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