Delhi HC Upholds ITAT Rectification as Retrospective Section 80P(2)(a)(iii) Amendment Applied from 1968

National Agricultural Coop. MKT. Vs CIT (Delhi High Court) The Delhi High Court considered a batch of appeals concerning whether the Income Tax Appellate Tribunal (ITAT) was justified in allowing a miscellaneous application filed by the Revenue and rectifying its earlier order on the basis of a subsequent amendment to Section 80P(2)(a)(iii) of the Income Tax Act, 1961, and a Supreme Court decision upholding that amendment. The assessee contended that the Tribunal had erred in allowing the Revenue’s miscellaneous application. It was argued that when the Tribunal originally decided the appeals...