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2006 (1) TMI 103 - HC - Income TaxAmendment in section 148 – validity of notice issued u/s 148 - While filing the returns of the firm, gold was not included either in the capital account or as a stock of the firm. - assessing authority, issued notice u/s 148 for reopening of the assessment on the ground that the income has escaped assessment - said notice directed the assessee to file a return within 30 days time. – amended provision came into force w.e.f. April 1, 1989. - Admittedly, the notice under section 148 is issued on March 28,1990, which stipulated thirty days time within which the returns had to be filed. Though the Amendment Act came into force from 1996 the amended provision by virtue of the retrospective operation came into effect from April 1, 1989, which equally applies to the facts of the case. - therefore conclusion reached by the Tribunal that the notice under section 148 is vitiated for not giving thirty days clear notice, is unsustainable in law and accordingly, it is set aside. Further, Tribunal was right in holding that the reassessments made for these years were invalid in law because of the defective notice
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