Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
ITAT allowed the appeal of the assessee, holding that the Finance Act, 2022 amendment removing the additional one-year post five-year utilisation window cannot be applied retrospectively to existing accumulations. Applying the doctrine lex non cogit ad impossibilia, the Tribunal found that retrospective application would render utilisation impossible and produce an absurd outcome. The Tribunal followed precedent treating the amendment as prospective for fresh accumulations from 1-4-2022, and upheld that accumulations arising in FY 2016-17 and FY 2017-18 remained governed by the pre-amendment six-year window (with deadlines of 31-3-2023 and 31-3-2024 respectively). Consequently, additions for those accumulations were deleted.
ITAT allowed the appeal of the assessee, holding that the Finance Act, 2022 amendment removing the additional one-year post five-year utilisation window cannot be applied retrospectively to existing accumulations. Applying the doctrine lex non cogit ad impossibilia, the Tribunal found that retrospective application would render utilisation impossible and produce an absurd outcome. The Tribunal followed precedent treating the amendment as prospective for fresh accumulations from 1-4-2022, and upheld that accumulations arising in FY 2016-17 and FY 2017-18 remained governed by the pre-amendment six-year window (with deadlines of 31-3-2023 and 31-3-2024 respectively). Consequently, additions for those accumulations were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
