https://www.taxtmi.com/caselaws?id=12899 Retrospective amendment to section 40A(11) operated on the relevant valuation dates, and the employer's statutory right to recall unutilised contributions had to be recognised for wealth-tax purposes. Once that right existed and was exercised shortly after the amendment, the sums held by the trust could not be treated as its absolute assets on those dates. The assessing authorities were required to give effect to the retrospective legal change when determining the trust's wealth, so the amounts were not includible in the trust's wealth. The issue was answered in favour of the assessee and against the Revenue. en-us Thu, 02 Aug 2001 00:00:00 +0530 Fri, 22 May 2009 18:12:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12899 Retrospective amendment to section 40A(11) operated on the relevant valuation dates, and the employer's statutory right to recall unutilised contributions had to be recognised for wealth-tax purposes. Once that right existed and was exercised shortly after the amendment, the sums held by the trust could not be treated as its absolute assets on those dates. The assessing authorities were required to give effect to the retrospective legal change when determining the trust's wealth, so the amounts were not includible in the trust's wealth. The issue was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Thu, 02 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12899