Case Law Analysis
|Income Tax Appellate Tribunal
Section 11(3) IT Act | Finance Act 2022 Amendment Cannot Retrospectively Cancel Vested Right to Utilise Accumulated Income in Sixth Year : ITAT Mumbai
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.