Amendment to sec. 142(2C) empowering AO to extend time limit to submit audit report has retro-effect: SC

IT : The provisions of section 142(2C), as they stood prior to the amendment whereby words 'suo motu' were inserted in sub-section (2C) of section 142 with effect from 1-4-2008 by the Finance Act, 2008, did not preclude the exercise of jurisdiction and authority by the Assessing Officer to extend time for the submission of the audit report directed under sub-section (2A) of section 142

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