#Finance Act 2022

ITAT Agra held that a government polytechnic could claim Section 10(23C)(iiiad) exemption for AY 2020-21 without filing a Section 139(4C) return, as the filing condition was introduced only by the Finance Act 2022 amendment. The ruling confirms pre-amendment non-filing was not a condition precedent, aiding institutions that missed prior deadlines.

ITAT Mumbai rules that charitable trusts retain the vested right to utilise income accumulated under prior law, even if the sixth year falls after the 2022 amendment. The tribunal held that denying this right would amount to retrospective cancellation of a lawful entitlement, affecting trusts with long-term accumulation plans.