Retrospective amendment in expl. 5A to Sec 271(1)(c) not applicable if original return filed before Finance Act comes into force

CA Saurabh Chokhra

Brief of the case:

The ITAT Visakhapatnam held that the amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable to assessee’s case because both original return and the revised return u/s 153A of the Act have been filed before the amended provisions were brought into the statute (which  received assent of President on 13.8.2009).

Fac

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