Section 80HHC Amendment Non-Retrospective: Delhi HC Quashed Reassessment Notice

Goldtex Furnishing Industries Vs UOI & Ors. (Delhi High Court) The writ petition challenged a notice dated 30.03.2007 issued under Sections 147/148 of the Income Tax Act, 1961, seeking to reopen assessment based on a retrospective amendment to Section 80HHC. At the initial stage, a Coordinate Bench of the Court stayed the reassessment proceedings on 07.11.2007, observing prima facie that the notice appeared to be beyond the period of limitation and was issued solely due to the retrospective amendment to Section 80HHC, of which the assessee could not have been aware. Subsequently, the retro...