https://www.taxtmi.com/caselaws?id=349536 The Court ruled in favor of the petitioner, a District Central Co-operative Bank, in a case challenging the retrospective application of an amendment to Section 254(2) of the Income Tax Act, 1961. The Court held that the abrupt reduction of the limitation period from four years to six months without transitional provisions was unfair and extinguished the petitioner's vested right. The Tribunal's dismissal of the application based on the new limitation period was deemed unjust, and the Court directed the Tribunal to consider the application on its merits within three months. en-us Mon, 09 Oct 2017 00:00:00 +0530 Sat, 18 Nov 2017 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349536 The Court ruled in favor of the petitioner, a District Central Co-operative Bank, in a case challenging the retrospective application of an amendment to Section 254(2) of the Income Tax Act, 1961. The Court held that the abrupt reduction of the limitation period from four years to six months without transitional provisions was unfair and extinguished the petitioner's vested right. The Tribunal's dismissal of the application based on the new limitation period was deemed unjust, and the Court directed the Tribunal to consider the application on its merits within three months. Case-Laws Income Tax Mon, 09 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349536