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2012 (11) TMI 846 - HC - Income TaxWhether Explanation 1(iv) to Section 158BE is retrospective in nature – the period taken to approach the Settlement Commission and its rejection is to be excluded - Held that:- given the fact that the scope of Explanation is clarificatory in nature all that the insertion of the Explanation under the Finance Act 2002 does is to bring in is what was contemplated under Section 245HA since omitted with effect from 1.6.2002 under the Finance Act 2002. In other words what was provided for under Section 245HA is now brought in by way of Explanation 1(iv) under the Finance Act 2002 which by deleting 245HA substitutes Exp. 1 to 158 BE . Explanation, clause (iv) in Section 158BE is retrospective - if a statute deals merely with the matters of procedure and does not affect the rights of parties, the new procedure would prima facie apply to all pending as well as future actions Regarding the levy of interest under Section 158 BFA – Held that:- Contention of the assessee that the delay in furnishing the block return was due to non-supply of the copies of the seized materials to it by the Income Tax Authorities was devoid of merits as the assessee has not brought any positive evidence on record to show that it was in need of vital information without which it was not in a position to complete its block return - In the absence of any materials placed before the Tribunal, the said contention was rejected
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