Kerala HC upheld Landmark Judgment by Madras HC Court on Section 245C(5)

Pankaja Kasturi Herbals India Pvt. Ltd. Vs DCIT (Kerala High Court) In a recent development, the Madras High Court delivered a significant judgment on Section 245C(5) of the Income Tax Act, 1961, as amended by the Finance Act, 2021. The case in question, Pankaja Kasturi Herbals India Pvt. Ltd. Vs DCIT, saw the court remove the retrospective last date of February 1, 2021, and replace it with March 31, 2021. This decision is a result of the court’s analysis of Ext.P8 order in W.P(C) No. 25867 of 2023, Ext.P10 order in W.P(C) Nos. 26130 of 2023 & 30919 of 2013, and Exts.P39 to P45 in W....