https://www.taxtmi.com/caselaws?id=751023 Bombay HC held that an income tax settlement commission application filed on 18th March 2021 was valid despite subsequent legislative changes. The court ruled that retrospective provisions of Finance Act 2021's Section 245C(5) prohibiting applications after 1st February 2021 could only take effect after presidential assent, not retrospectively invalidate already-filed applications. The CBDT notification restricting eligibility to those qualified by 31st January 2021 was quashed as ultra vires, exceeding statutory provisions. The court emphasized that retrospective legislation cannot affect vested rights and directed the application be considered according to law. en-us Tue, 02 Apr 2024 00:00:00 +0530 Thu, 29 Aug 2024 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751023 Bombay HC held that an income tax settlement commission application filed on 18th March 2021 was valid despite subsequent legislative changes. The court ruled that retrospective provisions of Finance Act 2021's Section 245C(5) prohibiting applications after 1st February 2021 could only take effect after presidential assent, not retrospectively invalidate already-filed applications. The CBDT notification restricting eligibility to those qualified by 31st January 2021 was quashed as ultra vires, exceeding statutory provisions. The court emphasized that retrospective legislation cannot affect vested rights and directed the application be considered according to law. Case-Laws Income Tax Tue, 02 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751023