Case Law Details
Case Name : M/s. Ghanshyamdas Gems and Jewels Vs DCIT (ITAT Hyderabad)
Appeal Number : IT(SS)A No. 16/Hyd/2011
Date of Judgement/Order : 07/11/2014
Related Assessment Year :
Courts :
All ITAT ITAT Hyderabad
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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 292BB are prospective and the CIT(A) having accepted factual position that the notice u/s. 143(2) was issued beyond 12 months from the end of the month in which the return was filed, the CIT(A)should have noted that the assessment made was invalid.
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