https://www.taxtmi.com/caselaws?id=390555 The court held that the Draft Assessment Order (DAO) issued under Section 144C for A.Y. 2007-08 was invalid and time-barred, as Section 144C could not be applied retrospectively and was effective only from A.Y. 2010-11 onwards. Deductions under Sections 80IA and 80IB were allowed based on previous judgments in favor of the petitioner. The issue regarding Section 10B was remanded to the Assessing Officer for further examination. The court emphasized that the clarificatory circular issued by the CBDT in 2013 did not accurately reflect the legal position. en-us Tue, 22 Oct 2019 00:00:00 +0530 Mon, 22 Jun 2020 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390555 The court held that the Draft Assessment Order (DAO) issued under Section 144C for A.Y. 2007-08 was invalid and time-barred, as Section 144C could not be applied retrospectively and was effective only from A.Y. 2010-11 onwards. Deductions under Sections 80IA and 80IB were allowed based on previous judgments in favor of the petitioner. The issue regarding Section 10B was remanded to the Assessing Officer for further examination. The court emphasized that the clarificatory circular issued by the CBDT in 2013 did not accurately reflect the legal position. Case-Laws Income Tax Tue, 22 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390555