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2016 (4) TMI 357 - AT - Income TaxReopening of assessment - Disallowance u/s 28 and 80HHC - Held that:- In the case in hand , the proceedings under section 147 of the Act were initiated by the Assessing Officer in view of the retrospective amendment to the provisions of sections 28 and 80HHC of the Act w.e.f. AY 98-99, by Taxation Laws Amendment Act, 2005, however, we find that the Jurisdictional High Court in the case of Pawan Kumar Jain Vs. Union of India, [2014 (8) TMI 32 - DELHI HIGH COURT] following the judgment in the case of Avani Exports vs. CIT [2012 (7) TMI 190 - GUJARAT HIGH COURT] has held the said amendment is prospective in nature and not retrospective. Thus there was no failure on the part of the assessee to disclose fully and truly all material facts in respect of the assessment and the case has been reopened beyond the period of 4 years from the end of the relevant assessment year, the proceedings of reopening under section 147 of the Act are without jurisdiction and not sustainable - Decided in favour of assessee
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