TaxTMI 
TaxTMI 
2016 (10) TMI 98
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....tered under the Gujarat Co-operative Societies Act and is engaged in development of real estates. For the assessment year 2007-08, the petitioner filed the return of income on 21.08.2007. As per the proviso to sub-section (2) of section 143 of the Act which prevailed at the time of filing of the return, notice could be issued by the Assessing Officer latest upto a period of twelve months from the end of the month in which the return was filed. In case of the present assessee, therefore, such notice could be issued latest by 31.08.2008. Under the Finance Act,2008, this proviso was, however, amended w.e.f. 01.04.2008 and the period for issuance of notice was changed to expiry of six months from the end of the financial year in which the retur....
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.... High Court in case of Amarjit Singh Tut vs. Union of India and ors reported in 347 ITR 585. 6. Section 143 of the Act, as is well known, pertains to assessment. Sub section (1) thereof provides the method of processing a return filed by the assessee under section 139 of the Act or in response to a notice under sub-section (1) of Section 142. Under sub section 2 of section 143, whenever in case of a return under section 139 or in response to notice under section (1) of section 142, the Assessing Officer considers it necessary or expedient to ensure that the assessee has not understated the income, serve on the assessee a notice requiring him to attend his office to produce or cause to be produced evidence which the assessee may rely in s....
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....ld be served after expiry of six months from the end of the financial year in which the return was furnished. Thus, from computing the period of limitation from the end of the month during which the return was filed it was shifted to a period of six months from the end of financial year in which the return was furnished thereby bringing a greater uniformity of the last date for issuing the notice in case of commonly placed class of assessees. Whatever be the legislative philosophy for making such a change, one thing that cannot be denied is that the substitution had to take effect from 01.04.2008. We may record that the Finance Act 2008 received assent of the President on 10.05.2008 and was published in official gazette on the same day. By ....
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....ot be accepted. Under 143(2) of the Act, limitation for issuing notice was 12 months from the end of the month in which the return was filed. In the present case, return was filed on 31.7.2007 and limitation for issuance of notice under Section 143(2) of the Act was upto 31.7.2008. However, by virtue of amendment by Finance Act, 2008, w.e.f. 1.4.2008, limitation stood extended upto six months from the end of the financial year in which the return was furnished i.e. upto 30.9.2008. 10. It is well settled that a statute of limitation is a procedural statute and is applicable to pending proceedings. However, limitation law is prospective as it does not revive an action which may have become time barred on the date of enforcement of th....
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....eedings had not become time barred before the amendment came into force. In K.M. Sharma [2002] 254 ITR 772 (SC), it was observed that principle of strict interpretation of the taxing statute applies also to law regulating limitation. Virtual Soft [2007] 289 ITR 83(SC) deals with the general principle of an amendment being prospective in the absence of express or implied intention to the contrary. Judgments in Ajantha Industries [1976] 102 ITR 281 (SC) and Rajesh Mahajan [2002] 257 577 (P & H) do not deal with the issue of limitation. Greenworld Corporation [2009] 314 ITR 81 (SC) only holds that reassessment has to be within limitation and that the assessment order could not be passed at the instance of a higher authority. It has been furthe....
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....(1) of section 150 which was amended w.e.f. 01.04.1989 cannot be used for reopening of assessments which had attained finality and could not be reopened due to bar of limitation before 01.04.1989. The Supreme Court observed as under: "13. Fiscal statute more particularly on a provision such as the present one regulating period of limitation must receive strict construction. Law of limitation is intended to give certainty and finality to legal proceedings and to avoid exposure to risk of litigation to litigant for indefinite period on future unforeseen events. Proceedings, which have attained finality under existing law due to bar of limitation cannot be held to be open for revival unless the amended provision is clearly given retro....