S. 149 : Reassessment-Foreign asset-HSBC Geneva account of Trust -Time limit for notice-16 years-Assets held outside India- Introduced vide Finance Act, 2012-Retrospective in nature. [S. 147, 148, 151]

A search and seizure operation were carried out in the assessee’s premises on August 10, 2011. Documents were found pertaining to a foreign bank account, based on the same, AY .1999-2000 was reopened and addition was made. On appeal the CIT(A) held that the assessment was time barred and not decided the issue on merit . On appeal by the revenue the assessee contended that the law was amended prospectively to provide a time period of 16 years for Foreign Assets vide Finance Act, 2012. Allowing the appeal of the revenue the Tribunal held that the amendment was retrospective in nature and will apply to assessments which had concluded before April 01, 2012. Matter was remanded to the CIIT(A) to decide on merit. (ITA 966/Mum/2020, dated February 16, 2022). (AY 1999-2000)

DCIT v. Dilip J. Thakkar (Mum.)(Trib.) www.itatonline .org

[Coram : Hon’ble Shri Pramod Kumar (Vice President) and Hon’ble Suchitra Kamble (Judicial Member)]