https://www.taxtmi.com/caselaws?id=192246 The amended first and second provisos to Section 40(1) of the Karnataka Value Added Tax Act, 2003 were treated as a valid retrospective extension of the assessment and reassessment limitation regime. The Court read the later substitution as replacing the earlier provision and giving the enlarged time limit effect from 01.04.2005, rejecting the contention that the amendment was beyond legislative competence or unconstitutional. It also held that limitation in tax assessment is generally procedural, and a concluded assessment does not gain immunity from reopening where the legislature has clearly extended the period retrospectively. The reassessment proceedings were therefore held to be within time and the challenge failed. en-us Wed, 12 Aug 2015 00:00:00 +0530 Mon, 22 May 2017 07:21:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192246 The amended first and second provisos to Section 40(1) of the Karnataka Value Added Tax Act, 2003 were treated as a valid retrospective extension of the assessment and reassessment limitation regime. The Court read the later substitution as replacing the earlier provision and giving the enlarged time limit effect from 01.04.2005, rejecting the contention that the amendment was beyond legislative competence or unconstitutional. It also held that limitation in tax assessment is generally procedural, and a concluded assessment does not gain immunity from reopening where the legislature has clearly extended the period retrospectively. The reassessment proceedings were therefore held to be within time and the challenge failed. Case-Laws VAT and Sales Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192246