M/S. Life Insurance Corporation Of ... vs The Income Tax Officer, (Tds)- Ward, ... on 21 January, 2021
"15.00. Considering the law laid down by the Hon'ble Supreme
Court in the aforesaid decisions, to the facts of the case on hand
and more particularly considering the fact that while amending
section 201 by Finance Act, 2014, it has been specifically
mentioned that the same shall be applicable w.e.f. 1/10/2014 and
even considering the fact that proceedings for F.Y. 2007-08 and
2008-09 had become time barred and/or for the aforesaid financial
years, limitation under section 201(3)(i) of the Act had already
expired on 31/3/2011 and 31/3/2012, respectively, much prior to
the amendment in section 201 as amended by Finance Act, 2014
and therefore, as such a right has been accrued in favour of the
assessee and considering the fact that wherever legislature
wanted to give retrospective effect so specifically provided while
amending section 201(3) (ii) of the Act as was amended by Finance
Act, 2012 with retrospective effect from 1/4/2010, it is to be held
Page 44 of 74
ITA No.507 to 566 /Bang/2020
that section 201(3), as amended by Finance Act No.2 of 2014 shall
not be applicable retrospectively and therefore, no order under
section 201(i) of the Act can be passed for which limitation had
already expired prior to amended section 201(3) as amended by
Finance Act No.2 of 2014. Under the circumstances, the impugned
notices/summonses cannot be sustained and the same deserve to
be quashed and set aside and writ of prohibition, as prayed for,
deserves to be granted."