Finance Act Amendment have no retrospective effect on Vested Right of Taxpayer To Adjudicate Settlement Application u/s 245(D): Calcutta HC

The Calcutta High Court ruled that amendments made under the Finance Act have no retrospective effect on the vested rights of taxpayers, especially when adjudicating settlement applications under Section 245D of the Income Tax Act. The Court noted that taxpayers should not be prejudiced by changes in law that affect their already vested rights and ongoing proceedings. This decision ensures that taxpayers are protected from retroactive legislative changes that may affect their settled positions, providing legal certainty and stability in tax matters.