1978 (7) TMI 96

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..... "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that s. 154(1)(bb) of the I.T. Act, 1961, which was inserted during the financial year 1964-65, could be applied for the assessment year 1963-64 and the IAC had jurisdiction under s. 154(1)(bb) to rectify the mistake in the penalty order dated March 4, 1970, for the assessment year 1963-64 ?" The a .....

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..... tober, 1964, was not applicable to the assessment year 1963-64 and, therefore, the IAC had no power to rectify the said mistake. The IAC rejected the argument and held that as s. 154(1)(bb) came into effect before the penalty order was passed he had jurisdiction to rectify the mistake and, accordingly, he rectified the aforesaid mistake. The Tribunal has dismissed the appeal filed by the assessee .....

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..... , s. 154 is a procedural provision. It is settled law that an amendment of a procedural law is normally regarded as retrospective in operation because no one has any vested right in a procedural law. In the premises, we answer the question in the affirmative and against the assessee. There will be no order as to costs. SUDHINDRA MOHAN GUHA J.-I agree.
Case laws, Decisions, Judgements, Orders .....

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