An amendment has been made in section 115JB throught Finance(No.2) Act 2009 which states that provision made for dimunition in value of any asset needs to be written back to arrive at the book profit for the purpose of this section. This amendment has been made with retrospective effect from AY 2001-2002.
In this backdrop, how should the retrospective amendment be given effect ? Whether Total Income for all those AYs to be restated ? If so, by triggering which sections the completed assessments be rectified?
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Replies (1)
Dear Sir,
Lets start the discussion with a bitter truth -
You will hardly find a retrospective amendment favoring the assesee.
So, one thing is clear that on retrospective amendments being made, it will be the department, which will be chasing the assesees and not the other way.
Pending(i:e on going) assessments & appeals can be settled based on retrospective amendments.
Completed assessments can be reopened provided the time limit for issue of notice u/s 148 has not been expired.
Retrospective amendments apply to appellate/reference proceedings - If during pendency of appeal or reference, law is amended retrospectively, amended law is to be applied by authority deciding the appeal/reference - CIT v. Straw Products Ltd. [1966] 60 ITR 156 (SC).
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