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2013 (4) TMI 489 - HC - Income TaxNotice U/s 148 - Amendment made to Section 115JB of the Act by the Finance Act, 2008 with retrospective effect -Held that:- The Court merely noticed that it was held by the Supreme Court in M.K. Venkatachalam Vs. Bombay Dyeing & Manufacturing Co. Ltd.(1958 (4) TMI 4 - SUPREME Court ) that a retrospective amendment of law can even permit action for rectification of the assessment on the ground of mistake apparent from record. This Court held that just because action for rectification is permissible, it does not mean that no action can be taken for re-opening the assessment because the powers under Section 147 and Section 154 are not mutually exclusive and there could be some overlapping and so long as the conditions for the applicability of either of these sections are satisfied. The petitioner does not appear to have properly understood and appreciated the purport of our observation. We have only pointed out that “there could be overlapping of jurisdiction and so long as the jurisdictional pre conditions are satisfied, action can be taken by the assessing officer under the appropriate section even though action could be taken under another Section.” The argument of the petitioner that action can only be taken under Section 154 did not appeal to this Court, and was rejected - The petitioner has also prayed for recalling the direction imposing cost. We do not find any merit in the same - The prayer is rejected - we find no merit in the review petition which is dismissed with no order as to costs.
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