Beyond a period of 4 years, retrospective amendment to section 115JB cannot be a ground for reassessment

Vialle Alternative Fuel Systems Pvt. Ltd. Vs ITO (ITAT Delhi) The bone of contention is the amendment to section 115JB of the Act by the Finance Act, 2009 w.r.e 01.04.2001 by which Explanation 1 to the section has been inserted. The book profit u/s 115JB of the Act had to be reworked out. Court has held that beyond a period of 4 years, retrospective amendment u/s 115JB of the Act could not be a ground for reassessment. Such legal proposition requires no authority of law. We are of the considered view that all the relevant facts were available on record and it could not be said that at the time...