Independent manufacturing undertaking eligibility preserves Section 80IA/80IB deductions, while machinery kept ready for use qualifies for depreciatio...
Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction...
Self-assessed import entries remain appealable, while bona fide classification disputes without misdeclaration cannot justify confiscation or penaltie...
Actual-user customs exemption conditions permit turnkey project transfers when imported windmill components are exclusively used for installation and ...
Customs offence disqualification excludes civil contraventions, preventing refusal of a private bonded warehouse licence based solely on monetary pena...
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 4894 
