Deduction under section 80HHC: assessment and recovery proceedings on reopenings to be kept in abeyance temporarily. The Board directs assessing officers to keep in abeyance until 30th June 2005 all assessment and recovery proceedings reopened specifically to reassess deduction claims arising from sale of DEPB scrips; reopening notices under the statutory provision may be issued but subsequent proceedings are stayed. Where a case is barred by limitation on or before 30th June 2005 the stay on reassessment does not apply, though recovery proceedings in such cases remain in abeyance until that date.
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Provisions expressly mentioned in the judgment/order text.
Deduction under section 80HHC: assessment and recovery proceedings on reopenings to be kept in abeyance temporarily.
The Board directs assessing officers to keep in abeyance until 30th June 2005 all assessment and recovery proceedings reopened specifically to reassess deduction claims arising from sale of DEPB scrips; reopening notices under the statutory provision may be issued but subsequent proceedings are stayed. Where a case is barred by limitation on or before 30th June 2005 the stay on reassessment does not apply, though recovery proceedings in such cases remain in abeyance until that date.
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