TMI Blog2014 (5) TMI 660X X X X Extracts X X X X X X X X Extracts X X X X ..... Finance Act 2005 by inserting 3rd and 4th proviso of section 80HHC(3) have no applicability with retrospective effect - The amendment is prospective in nature - the amendment is liable to be quashed to the extent that the operation of the section could be given effect from the date of amendment and not in respect of earlier assessment - in case of substantive amendment, retrospective operation ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity of proviso 3rd and 4th to Sec.80HHC(3) of the Act is raised. The assessee in its return for the respective assessment years has claimed deduction under section 80HHC. The Assessing officer held that the assessee is not entitled for deduction under section 80HHC in view of judgment of the Hon ble Apex Court in the case of M/s. IPCA Laboratories Ltd Vs. CIT (266 ITR 521). Aggrieved against the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sue of Constitutional validity of the provisions and their retrospective applicability. The Hon ble High Court while adjudicating the issue considered catena of judgements, including judgement of the Hon ble Supreme Court of India in the case of M/s. IPCA Laboratories Ltd (supra). The Hon ble High Court held that the amendment brought in by the Finance Act 2005 by inserting 3rd and 4th proviso of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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