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2023 (6) TMI 1224 - HC - Income TaxReopening of assessment u/s 147 - notice after a period of four years - disallowance of CSR expenditure - HELD THAT:- Explanation 1 will not be applicable as CSR expenditure was incurred as required by section 135 of the Companies Act, 2013 and its proposed disallowance would not constitute an offense. It appears that there was no tangible material available on record to conclude that income had escaped assessment. The Apex Court in case of M.M. Aqua Technologies Ltd. [2021 (8) TMI 520 - SUPREME COURT] has held that a provision in the Act, which is “for removal of doubts” cannot be presumed to be retrospective even where such language is used, if it alters the law as it earlier stood; and even if it is assumed that the said amendment is retrospective, it cannot give rise to a failure on the part of the Petitioner to disclose fully and truly material facts as held by this Court in the case of Voltas Ltd. [2013 (4) TMI 116 - BOMBAY HIGH COURT] AO has acted in excess of the limit of his jurisdiction to reopen the assessment in the exercise of powers under section 147 read with section 148 of the Act. Accordingly the Petitioner would be entitled to succeed.
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