Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 657 - ITAT MUMBAIValidity of order passed u/s 263 - Held that:- Following M/s WNS Global Services Pvt. Ltd. [2012 (8) TMI 432 - ITAT MUMBAI] - If a provision in a statute is unconditionally omitted without any saving clause in favour of the pending proceedings, all actions must stop where such an omission is found - Once the provisions of subsection 9 have been omitted, then it can be safely inferred that such an omission will be applicable wherever omitted section comes into play - Subsection 9 to section 10A, which has been omitted from the statute w.e.f. 1st April 2004, has to be read to be obliterated from the statute book or at least it will not have any effect from the year in which it was omitted - Even if there was any change in the ownership through acquisition of shares in earlier year 2003-04, exemption under section 10A, cannot be denied on this ground in the assessment year 2004-05. There was a transfer of 1.5% (3 lacs shares) of the assessee company in favour of Altana Pharma AG by wholly owned subsidiary - The original shareholders maintained 51% shareholding pattern as on 31.3.2003 - Decided in favour of assessee.
|