https://www.taxtmi.com/caselaws?id=776109 ITAT MUMBAI - AT allowed the appeal, holding the Finance Act, 2022 amendment is prospective and cannot retroactively deprive the assessee of the six-year window to apply accumulated income. Accumulations relating to FY 2016-17 (Rs.35,66,540 utilized in FY 2022-23; remaining Rs.14,33,460 declared) cannot be taxed in AY 2023-24 and AO additions were set aside. Accumulations for FY 2017-18 fall within the time window up to 31-03-2024, so the impugned addition of Rs.40,00,000 cannot be taxed in AY 2023-24 and was set aside; any taxability, if applicable, is for the subsequent year. en-us Tue, 15 Jul 2025 00:00:00 +0530 Wed, 03 Sep 2025 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776109 ITAT MUMBAI - AT allowed the appeal, holding the Finance Act, 2022 amendment is prospective and cannot retroactively deprive the assessee of the six-year window to apply accumulated income. Accumulations relating to FY 2016-17 (Rs.35,66,540 utilized in FY 2022-23; remaining Rs.14,33,460 declared) cannot be taxed in AY 2023-24 and AO additions were set aside. Accumulations for FY 2017-18 fall within the time window up to 31-03-2024, so the impugned addition of Rs.40,00,000 cannot be taxed in AY 2023-24 and was set aside; any taxability, if applicable, is for the subsequent year. Case-Laws Income Tax Tue, 15 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776109