Sec 292BB would operate prospectively as it curtails the right of the assessee

CA Prarthana Jalan Hon’ble Hyderabad Bench has in the case of M/s. Ghanshyamdas Gems and Jewels v/s DCIT in  IT(SS)A No. 16/Hyd/2011  has held that Section 292BB  of the Income Tax Act, 1961 would operate prospectively as it curtails the right of the assessee. Assessee submitted that the CIT(A) erred in holding that the provisions of section 292BB of the Act apply to the facts of the case and hence the assessment is in order, without considering the fact that the assessment is null and void for not issuing notice u/s. 143(2) in time. It was submitted that the provisions of section ...