https://www.taxtmi.com/caselaws?id=462288 The ITAT Mumbai held that the Finance Act 2022 amendment to section 14A, which clarified that provisions apply regardless of whether exempt income has accrued, does not have retrospective effect. Following Era Infrastructure India Ltd precedent, the tribunal ruled that "for removal of doubts" amendments cannot be presumed retrospective if they alter existing law. The matter was remitted to the AO for verification under section 94(7) after finding that reasonable opportunity for verification was denied during appeal proceedings, with directions to allow the assessee to produce share purchase details for proper verification. en-us Tue, 10 Sep 2024 00:00:00 +0530 Sat, 07 Jun 2025 22:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462288 The ITAT Mumbai held that the Finance Act 2022 amendment to section 14A, which clarified that provisions apply regardless of whether exempt income has accrued, does not have retrospective effect. Following Era Infrastructure India Ltd precedent, the tribunal ruled that "for removal of doubts" amendments cannot be presumed retrospective if they alter existing law. The matter was remitted to the AO for verification under section 94(7) after finding that reasonable opportunity for verification was denied during appeal proceedings, with directions to allow the assessee to produce share purchase details for proper verification. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462288