IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE V.K.MOHANAN TUESDAY, THE 17TH NOVEMBER 2009 / 26TH KARTHIKA 1931 ITA.No. 1265 of 2009() ---------------------- ITA.268/2003 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT ----------------------------- THE COMMISSIONER OF INCOME TAX,COCHIN. BY ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S): --------------- THE COCHIN MALABAR ESTATES & INDUSTRIES LTD.,MALABAR HOUSE,56,BRISTOW ROAD, WILLINGDON ISLAND,COCHIN-682 003. ADV. SRI.A.KUMAR THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 17/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & V.K.MOHANAN, JJ. .................................................................... I.T. Appeal No.1265 of 2009 .................................................................... Dated this the 17th day of November, 2009. JUDGMENT Ramachandran Nair, J. Heard Senior counsel appearing for the appellant and counsel appearing for the respondent-assessee. The appeal is filed against the order of the Tribunal holding that assessment completed under Section 147 is time barred for the reason that notice was not issued under Section 143(2) within the statutory period. However, the Tribunal's order stands neutralised by virtue of the amendments introduced to Sections 148 and 153(2) of the Finance Act, 2001 with retrospective effect whereunder assessment gets validated, no matter whether there was timely issue of notice or not. Based on the amendment we allow the appeal by vacating the order of the Tribunal and that of the first appellate authority and remand the matter to the C.I.T.(Appeals) for 2 reconsideration of appeal on other issues. The assessee is free to challenge reopening under Section 147 on other grounds. C.N.RAMACHANDRAN NAIR Judge V.K.MOHANAN Judge pms