https://www.taxtmi.com/caselaws?id=282055 The appeal challenging the retrospective amendment of Section 80P(2)(a)(iii) of the Income Tax Act, 1961 was dismissed by the Supreme Court. The court upheld the constitutionality of the amendment, emphasizing the legislature's power to enact laws with retrospective effect. The amendment, effective from April 1, 1968, replacing "of its members" with "grown by its members," was deemed a legitimate legislative change. The court clarified that the amendment would not reopen assessments barred by limitation, limiting its application to pending assessments. The economic impact on farmers and primary societies was considered irrelevant to the validity of the amendment in this legal context. en-us Tue, 25 Mar 2003 00:00:00 +0530 Fri, 19 Jul 2019 16:36:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282055 The appeal challenging the retrospective amendment of Section 80P(2)(a)(iii) of the Income Tax Act, 1961 was dismissed by the Supreme Court. The court upheld the constitutionality of the amendment, emphasizing the legislature's power to enact laws with retrospective effect. The amendment, effective from April 1, 1968, replacing "of its members" with "grown by its members," was deemed a legitimate legislative change. The court clarified that the amendment would not reopen assessments barred by limitation, limiting its application to pending assessments. The economic impact on farmers and primary societies was considered irrelevant to the validity of the amendment in this legal context. Case-Laws Income Tax Tue, 25 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282055