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2021 (3) TMI 839 - HC - VAT and Sales TaxPeriod of limitation for initiating assessment - retrospective effect - period involved in the present case is the assessment period from April 2006 to March 2007 - appeal dismissed by order dated 31.12.2015, against which an appeal was preferred before the Karnataka Appellate Tribunal and the KAT has allowed the appeal preferred by the assessee on the point of limitation alone - HELD THAT:- This Court in the case of M/S CIFTECH SOLUTIONS PVT. LTD., M/S. SREE SHEELE PRIVATE LIMITED, M/S. STEEL AUTHORITY OF INDIA LIMITED, M/S. SRI NIDHI GRANITES PRIVATE LIMITED, M/S. NARAYANA DEVADIGA, WIPRO LIMITED, M/S SRIDEVI AGENCIES, M/S INTERNATIONAL FLAVORS & FRAGRANCES INDIA PVT. LTD., M/S. ALCOATS, SRI M.S. SRINIVAS PROPRIETOR, M/S S.V. INDUSTRIES M/S. RAMACHANDRA PHARMA CHEM M/S BINDU PROMOTERS AND DEVELOPERS M/S AYYAPPA INDUSTRIES VERSUS STATE OF KARNATAKA & OTHERS [2015 (8) TMI 1389 - KARNATAKA HIGH COURT] has taken a view that the amendment granting limitation to the Assessing Officer to initiate reassessment proceedings treating the period of limitation to be within eight years and that too with retrospective effect. Thus, it can be inferred that the amendment in Section 40 by virtue of the Amendment Act, is with retrospective effect and the KAT could not have set aside the order passed by the Assessing Officer and the First Appellate Authority by treating the assessment as barred by the period of limitation. The impugned order passed by the Karnataka Appellate Tribunal, Bengaluru is set aside - The matter is remanded back to the Assessing Officer to pass the order afresh in accordance with law. The parties will appear before the assessing officer on 1.3.2021 - petition allowed by way of remand.
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