https://www.taxtmi.com/caselaws?id=405511 The Karnataka HC held that an amendment to Section 40 of the Karnataka Value Added Tax Act extending the reassessment limitation period to eight years could operate retrospectively where the legislative language was clear. Applying that principle, the Court found the reassessment for April 2006 to March 2007 was not time-barred because the extended period applied to pending and earlier periods not already barred when the amendment commenced. The Tribunal erred in treating the reassessment as barred by limitation, and the matter was remitted to the Assessing Officer for fresh consideration in accordance with law. en-us Thu, 11 Feb 2021 00:00:00 +0530 Tue, 29 Oct 2024 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405511 The Karnataka HC held that an amendment to Section 40 of the Karnataka Value Added Tax Act extending the reassessment limitation period to eight years could operate retrospectively where the legislative language was clear. Applying that principle, the Court found the reassessment for April 2006 to March 2007 was not time-barred because the extended period applied to pending and earlier periods not already barred when the amendment commenced. The Tribunal erred in treating the reassessment as barred by limitation, and the matter was remitted to the Assessing Officer for fresh consideration in accordance with law. Case-Laws VAT / Sales Tax Thu, 11 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405511