2001 (8) TMI 38 - HC - Income Tax

Summary

The High Court of Madras upheld the Tribunal's decision regarding the retrospective amendment of section 40A(11) of the Income-tax Act, 1961. The employer's ability to recall unutilized contributions was enabled by the amendment, affecting the trust's wealth. The retrospective effect of the law must be considered for relevant valuation dates. The Assessing Officer and appellate authority failed to acknowledge the impact of the amendment. The Tribunal ruled in favor of the assessee, overturning the lower authorities' decisions.