#Prospective Application

Central government must provide subvention to private medical colleges only for students admitted up to the 2002-03 academic year, as the Supreme Court applied the T.M.A. Pai Foundation decision prospectively. Orders directing payments for later admissions are set aside, impacting colleges that relied on the scheme beyond that cut-off.

The ITAT Bangalore has ruled that for Joint Development Agreements executed before April 1, 2018, capital gains arise in the year the land is transferred to the developer-not when the occupancy certificate is issued. This clarifies a long-standing ambiguity for developers and landowners, ensuring tax liability aligns with the actual transfer of control, not delayed completion milestones.

Bombay High Court rules that the Maharashtra Ownership Flats Act's deemed conveyance provision applies prospectively to ongoing defaults, obligating promoters to execute conveyance even for agreements predating the Act. The judgment clarifies that statutory obligations persist until compliance, impacting housing societies and developers across Maharashtra.

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.

Chhattisgarh High Court rules that compensation claims for deaths in a 2010 cloudburst must be adjudicated under the 2008 policy, as the cause of action crystallizes at the time of the incident, not when the certificate is issued. This precedent ensures timely policy application for disaster victims, preventing retrospective amendments from diluting entitlements.

ITAT Ahmedabad rules that the 60% tax rate under Section 115BBE applies prospectively from A.Y. 2018-19, not A.Y. 2017-18, invalidating rectification orders under Section 154 where legal interpretation is debatable. The decision reinforces natural justice principles, protecting assessees from retrospective tax impositions without clear legislative intent.

The Gauhati High Court reaffirmed that a tax amendment effective from April 1 governs the assessment of income earned in the preceding financial year, aligning with the Supreme Court's precedent in Karimtharuvi Tea Estate Ltd. vs. State of Kerala. This ruling underscores that tax liability is determined by the law in force on the first day of the assessment year, not the financial year of income accrual, impacting agricultural income tax assessments under the Assam Agricultural Income Tax Act.

ITAT Pune holds that late fee under Section 234E can only be levied for delays occurring after 01.06.2015, even if TDS return pertains to earlier periods. Clarifies prospective nature of amendment.