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TMI Blog2015 (2) TMI 910X X X X Extracts X X X X X X X X Extracts X X X X ..... ub-section (3) with irrespective effect. ITAT correctly affirmed an order of the CIT (Appeals) to the effect that the treatment of the assessee’s company as one in default for the purpose of proceeding under Section 201 of the Income Tax Act, is barred by time. No substantial question of law arises - Decided against revenue. - ITA 93/2015 - - - Dated:- 13-2-2015 - MR. S. RAVINDRA BHAT AND MR. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee company was sought to be as assessee in default for the Assessment Year (AY) 2002-03 and Financial Year (FY) 2003-04 and sought to add back certain amounts and consequently demanded, the relative sums of money. The assessee s position was that treating the assessee company as one in default irrespective of past assessment years by order dated 4th March, 2009 this was arrested that its retur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 201(3) substituted with effect from 01.04.2010 and whereby the period of limitation indicated was six years and subsequently by another substitution w.e.f. 01.10.2014, by Finance Act No.2 of 2014, whereby the period of limitation was extended to seven years. As a result, the provision which exists as on date is as follows: 201 (3) No order shall be made under sub-section (1) deemi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6; (ii) The Parliament consciously did not amend Section 201 by inserting sub-section (3) with irrespective effect. This amounts to acceptance by legislature of this Court ruling which was decided in an appeal by special leave of Supreme Court. Although the Supreme Court left the issue open, we are of the opinion - the two reasons - statutory developments indicated by us, render the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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