No Retrospective Application of S. 80DD Income Tax Act Amendment for LIC ‘Jeevan Aadhar’: Supreme Court

The Supreme Court ruled that the amendment to Section 80DD of the Income Tax Act, which pertains to deductions for individuals maintaining a disabled dependent, cannot be applied retrospectively to LIC's Jeevan Aadhar policy. The court clarified that taxpayers cannot claim deductions based on amendments that came into effect after the policy was purchased. This judgment reaffirms the principle that tax laws and benefits cannot be applied retroactively unless explicitly stated, thus protecting the fiscal integrity of tax legislation and providing clarity to taxpayers.