https://www.taxtmi.com/caselaws?id=216207 The Tribunal ruled in favor of the assessee, holding that the rectification by the CIT under section 154 of the IT Act, based on a retrospective amendment, was not justified. The Tribunal emphasized that the original order under section 263 was in compliance with the law at the time and that the retrospective amendment did not empower the CIT to rectify the order. As a result, the Tribunal quashed the CIT's order and allowed the appeal of the assessee. en-us Fri, 29 Jun 2012 00:00:00 +0530 Mon, 03 Sep 2012 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216207 The Tribunal ruled in favor of the assessee, holding that the rectification by the CIT under section 154 of the IT Act, based on a retrospective amendment, was not justified. The Tribunal emphasized that the original order under section 263 was in compliance with the law at the time and that the retrospective amendment did not empower the CIT to rectify the order. As a result, the Tribunal quashed the CIT's order and allowed the appeal of the assessee. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216207