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2019 (11) TMI 1025 - AT - Income TaxReopening of assessment u/s 147 - recourse to the provisions of Section 149(1)(c) - HELD THAT:- We note that the language of Explanation (3) to Section 115JB is somewhat similar to the language of the Explanation below Section 149. In both places it is provided that the Explanation is inserted “for removal of doubts” and the Explanation is applicable to assessment years beginning on or before 01-04-2012. Yet the UNION BANK OF INDIA, MASHREQ BANK PSC, BANK OF INDIA, M/S THE NEW INDIA ASSURANCE CO. LTD., CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK [2019 (5) TMI 355 - BOMBAY HIGH COURT] held that since the principal provision of the Act was not amended retrospectively, by applying the Explanation (3), the principal provisions of Section 115JB cannot be made applicable to banking companies retrospectively. In our considered opinion, the same principle applies to the present appeals as well. Issue involved in the present appeal is squarely dealt with by the Hon’ble Delhi High Court in the case of Brahm Datt Vs UOI [2018 (12) TMI 832 - DELHI HIGH COURT] . In this case a search was conducted against the assessee in July 2011. In the statement recorded during the course of search the assessee had admitted of settling a substantial amount on a trust established outside India in the year 1998. The assessee admitted that he was one of the beneficiary of the Trust which had a bank account with HSBC, Geneva, Switzerland. Based on such information, the Revenue reopened his income-tax assessment for AY 1998-99 taking recourse to the provisions of Section 149(1)(c) of the Act. The assessee challenged the legality of the notice u/s 148 and consequent proceedings by filing writ petition. We further note that the Revenue’s SLP against the decision of the Hon’ble Delhi High Court was dismissed by the Hon’ble Supreme Court [2019 (7) TMI 351 - SC ORDER]. We also find that following the judgment of the Hon’ble Delhi High Court (supra), the coordinate Benches of this Tribunal in the following cases similarly quashed the reassessment proceedings u/s 148 which were initiated for assessment years prior to AY 2006-07 taking aid of Section 149(1)(c)
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