https://www.taxtmi.com/caselaws?id=14326 The court dismissed the writ petition challenging the notice issued by the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961, for revising an assessment order for the year 1974-75. The court held that the notice was valid and binding, considering the retrospective effect of the Explanation introduced by the Taxation Laws (Amendment) Act, 1984. By analyzing relevant legal precedents, the court concluded that the Explanation should be applied retrospectively. The court's decision provided clarity on statutory interpretation and upheld the consistency of legal principles, leading to the dismissal of the petition without costs awarded to either party. en-us Wed, 28 Mar 2001 00:00:00 +0530 Wed, 15 Jul 2009 12:24:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14326 The court dismissed the writ petition challenging the notice issued by the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961, for revising an assessment order for the year 1974-75. The court held that the notice was valid and binding, considering the retrospective effect of the Explanation introduced by the Taxation Laws (Amendment) Act, 1984. By analyzing relevant legal precedents, the court concluded that the Explanation should be applied retrospectively. The court's decision provided clarity on statutory interpretation and upheld the consistency of legal principles, leading to the dismissal of the petition without costs awarded to either party. Case-Laws Income Tax Wed, 28 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14326