Retrospective Amendment Inapplicable: ITAT Allows ₹2.32 Lakh Deduction for Trust’s Accumulated Fund Utilisation

The ITAT has allowed a ₹2.32 lakh deduction for a trust's accumulated fund utilization, ruling that a retrospective amendment is inapplicable. This decision protects trusts from adverse tax implications arising from amendments that apply backward in time. Trusts often accumulate funds for specific purposes, and their utilization is subject to certain conditions for tax exemption. The ITAT's ruling ensures that a trust's past actions, compliant with the law at that time, are not retroactively penalized by subsequent legislative changes, providing stability and predictability in tax matters for charitable organizations.