On appeal High Court held that the matter required reconsideration because the assessee had not claimed any benefit or deduction in respect of the assessment years 1993-94, 1994-95 and 1995-96 and no exemption had been granted to it. Although it was contended by the Department that a specific bar was created by the 2001 amendment by which the right of the assessee to have sought anything beyond April 1, 2001, was not there and its rights had stood extinguished or exhausted by way of deemed fiction, the later amendment in 2003, allowed ten years relief. The intent of the Legislature while it made those amendments was not to curtail the relief to an assessee, who had not availed of double benefit. The matter was remanded to the Tribunal.( AY.1993-94, 1994-95, 1995-96)
Phoenix Lamps Ltd. v. CIT( 2017) 87 taxmann.com 353 / (2018) 405 ITR 189 (All) (HC)Editorial: SLP of revenue is dismissed as the Tribunal has passed the final order after the remand CIT v. Phoenix Lamps Ltd ( 2019) 263 Taxman 338 (SC)
S. 10A : Free trade zone – Depreciation and other deductions –
-Neither any deduction claimed by assessee for Assessment Years prior to amendment nor exemption granted — Ten years’ relief allowed by later amendment in 2003 —Interpretation- Legislative intent – The intent of the Legislature while it made those amendments was not to curtail the relief to an assessee, who had not availed of double benefit- Matter remanded to Appellate Tribunal for reconsideration. [ S.10A(6) ]