https://www.taxtmi.com/caselaws?id=336360 The High Court dismissed the appeal challenging the Income Tax Appellate Tribunal's order for Assessment Year 2001-02. It held that the rectification made in 2010 by the Assessing Officer, based on a retrospective amendment to Section 115JB of the Income Tax Act, was not valid. The Court emphasized the non-merger of assessment orders and upheld the Tribunal's decision to delete the addition to book profits. This case clarified the jurisdictional limits of Assessing Officers in rectifying orders, the concept of merger of assessment orders, and the application of retrospective amendments to tax laws. en-us Fri, 09 Dec 2016 00:00:00 +0530 Mon, 19 Dec 2016 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336360 The High Court dismissed the appeal challenging the Income Tax Appellate Tribunal's order for Assessment Year 2001-02. It held that the rectification made in 2010 by the Assessing Officer, based on a retrospective amendment to Section 115JB of the Income Tax Act, was not valid. The Court emphasized the non-merger of assessment orders and upheld the Tribunal's decision to delete the addition to book profits. This case clarified the jurisdictional limits of Assessing Officers in rectifying orders, the concept of merger of assessment orders, and the application of retrospective amendments to tax laws. Case-Laws Income Tax Fri, 09 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336360