Section 35AC(7) is prospective | Plea of equity/hardship not legally sustainable: SC

Prashanti Medical Services & Research Foundation Vs UOI (Supreme Court of India) Conclusion: Assessee’s contention that assessee-charitable trust were not able to receive more amount by way of donation for their project in the third financial year 2017-2018 due to insertion of sub-section (7) of Section 35AC and therefore, Court may consider appropriate to invoke powers under Article 142 of the Constitution and allow assessee to receive donation even for the third financial year from their donors was not sustainable as neither any equity nor hardship has any role to play while decid...