https://www.taxtmi.com/caselaws?id=383681 The Supreme Court upheld the High Court's decision, ruling in favor of the Revenue. The Court found the insertion of sub-section (7) in Section 35AC to be prospective, not affecting deductions for previous financial years. It held that the appellant lacked standing to challenge the provision, and rejected arguments of promissory estoppel against legislative power. The Court dismissed claims of hardship and equity influencing tax statutes and declined to invoke Article 142, emphasizing adherence to the law. en-us Thu, 25 Jul 2019 00:00:00 +0530 Tue, 07 Jul 2026 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383681 The Supreme Court upheld the High Court's decision, ruling in favor of the Revenue. The Court found the insertion of sub-section (7) in Section 35AC to be prospective, not affecting deductions for previous financial years. It held that the appellant lacked standing to challenge the provision, and rejected arguments of promissory estoppel against legislative power. The Court dismissed claims of hardship and equity influencing tax statutes and declined to invoke Article 142, emphasizing adherence to the law. Case-Laws Income Tax Thu, 25 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383681