Section 115JB applicability and prospective amendment reasoning were faulted, leading to remand for fresh rehearing.

The Tribunal's view that section 115JB did not apply was criticised because it adopted a contrary position without recording reasons, even though it relied on a coordinate Bench decision taking the opposite view on whether the amendment was prospective. The High Court held that the points urged had not been properly decided and set aside the impugned order, remanding the matter for rehearing.

---

---

Issues: Whether the Tribunal could have held that section 115JB of the Income-tax Act, 1961 was inapplicable to the assessee while relying on a coordinate Bench decision taking the opposite view and treating the amendment as prospective.

Analysis: The Tribunal was found to have taken a contrary view without recording reasons, despite relying on a coordinate Bench decision. The order was treated as not having properly decided the points urged.

Outcome: The impugned order was set aside and the matter was remanded for rehearing.

---