Court rules that tax reduction rights acquired before 1992 remain valid after new law entry into force.

The Supreme Court resolved a legal question regarding whether a taxpayer's right to a tax reduction persisted after the new Income Tax Act came into effect on January 1, 1992. The taxpayer argued that the new law's terminology regarding 'tax exemptions' did not cover previous 'tax reductions,' while the tax authority contended otherwise. The court rejected the linguistic distinction, ruling that the new statute explicitly preserved all tax benefits acquired prior to the change, thereby upholding the taxpayer's rights.