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2015 (6) TMI 479 - AT - Income TaxReopening of assessment - lease equalisation charges, provision for nonperforming assets and provision for diminution in the value of investments - CIT(A) quashed reopening order - Held that: - On the item of lease equalisation charges the Tribunal has decided the matter in favour of the assessee in assessment year 1997-98 in assessee’s own case. Provision for nonperforming assets and provision for diminution in the value of investments - Held that:- The reopening is on the basis of retrospective amendment made by Finance No. 2 Act, 2009 in section 115JA in respect to proposed additions on account of provisions for nonperforming assets and provisions for diminution in the value of investments. This issue is covered in favour of the assessee and against revenue in view of the decision in the case of IOT Infrastructure & Energy Services Ltd. Vs. ACIT (2010 (6) TMI 64 - BOMBAY HIGH COURT) wherein it is observed that the reassessment based on retrospective amendment is bad in law. In the present case the notice u/s. 148 of the Act was issued prior to the amendment and once this is the position, the issue is squarely covered in favour of assessee. The reassessment u/s. 147 of the Act has rightly been quashed by CIT(A) and we confirm the same. - Decided against revenue.
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