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of <h1>Bombay High Court Upholds Vested Rights, Rules Against Retrospective Income Tax Amendment in Settlement Application Case.</h1> The Bombay High Court addressed the issue of retrospective amendments and vested rights concerning an application filed by the petitioner before the Settlement Commission under Section 245C of the Income Tax Act, 1961. The petitioner filed the application on 18th March 2021, before the Finance Act, 2021, which retrospectively prohibited such filings from 1st February 2021. The Court ruled that the petitioner had a vested right to have the application considered, as the retrospective amendment could not invalidate actions already taken before the Act's enforcement. The Court also invalidated a CBDT notification imposing additional eligibility conditions and directed the petitioner's application to be processed according to the law.
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