2001 (2) TMI 41

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.... under section 260A of the Income-tax Act, 1961 (in short, "the Act"). The assessee had filed its return for the assessment year 1989-90. Anintimation under section 143(1)(a) of the Act had been issued to it. Subsequently action under section 154 of the Act was initiated on the ground that in view of the retrospective amendment of section 28(iii)(b) by the Finance Act, 1990, operative with retr....

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....lia, made the following observations: "7.4. We have considered the rival submissions and materials on the file. We are of the view that the action of the Assessing Officer, in revising the deduction under section 80HHC by the impugned order under section154 was not proper and valid. On the facts and in the circumstances of the case, the reduction in the claim under section 80HHC could not have ....

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.... been urged that action under section 154 of the Act is permissible in respect of a provision, which changes the taxability situation and is introduced with retrospective effect. Learned counsel for the assessee, on the other hand, submitted that all the requisite information were supplied and, therefore, there was no scope for taking resort to section 154 of the Act. We find that the Tribun....