Finance Act 2022 Amendment Not Applicable Retrospectively to Trust’s Accumulated Funds

Krishnanagar Vaishnvsamaj Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad has ruled in favor of Krishnanagar Vaishnvsamaj, a trust, in its dispute with the Income Tax Officer (ITO) regarding the utilization of accumulated income. The tribunal set aside an adjustment made by the Central Processing Centre (CPC) and upheld by the National Faceless Appeal Centre (NFAC), which had disallowed a deduction claimed by the trust for funds utilized beyond a newly shortened statutory period. The case, Krishnanagar Vaishnvsamaj Vs. ITO (ITAT Ahmedabad), centered on the interpreta...