Delhi HC directs Larger Bench to decide retrospective applicability of provisions of section 149(1)(c)

U.K. Paints (Overseas) Ltd Vs ACIT (Delhi High Court) Delhi High Court held that Larger Bench of Delhi High Court will decide the whether provisions of section 149(1)(c) of the Income Tax Act inserted by virtue of the Finance Act, 2012 will be applicable retrospectively in concluded assessment. Facts- These petitions impugn separate notices [impugned notices] issued under Section 148 of the Income Tax Act, 1961 [the Act], whereby the concluded assessments of the petitioners for various years were sought to be re-opened. The petitioners have challenged the impugned notices on several grounds, i...