Vested rights preserved against retrospective tax amendments; filings made before enactment remain effective for settlement consideration.

The court addressed whether a retrospective Finance Act amendment prohibiting settlement applications from a specified date could divest a taxpayer who filed earlier of its vested right to have the application considered. It held that retrospective legislation cannot take away rights already accrued by actions completed before enactment unless clearly intended; that section 119 confers time-extension power but cannot impose new substantive eligibility conditions; and that administrative delay by revenue does not justify denying access where an application was already filed.

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