TMI Blog2015 (2) TMI 948X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) TMI 182 - DELHI HIGH COURT) and CIT Vs. Hutchison Essar Telecome Ltd. (2010 (4) TMI 45 - DELHI HIGH COURT) concludes the issue wherein ruled that the foundational requisite for initiation of proceedings under Section 201 is a period of four years if no limitation is prescribed. An added reason why the submission of the Revenue is unacceptable is that had the Parliament indeed intended to over ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne in default for the purpose of proceeding under Section 201 of the Income Tax Act(hereinafter referred to as the Act ), is barred by time. 2. The relevant facts are that the assessee company was sought to be treated as assessee in default for the Assessment Year (AY) 2002-03 and Financial Year (FY) 2003-04. The Assessing Officer (AO) sought to add back certain amounts and consequently demand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was determined to be four years. 3. Learned counsel for the Revenue urges that the subsequent developments after NHK Japan (supra) have modified its ratio. He relies upon the amendment by which Section 201(3) was substituted with effect from 01.04.2010, whereby the period of limitation indicated was six years; and subsequently, by another substitution, w.e.f. 01.10.2014, by Finance Act No.2 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mended by introduction of Section 201(1A) of the Act; significantly that amendment was given retrospective effect from 01.04.1966; (ii) The Parliament consciously did not amend Section 201 by inserting sub-section (3) with retrospective effect. This amounts to an acceptance by the legislature of this Court s ruling, which was decided in an Appeal by Special Leave of Supreme Court. Although t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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