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2013 (3) TMI 394 - HC - Income TaxPayment of Market Fees - Applicability of Section 43B - scope of the term 'Paid' - amendment was made with effect from 01.04.1989 - retrospective or prospective - held that:- Although Section 43B explains the mode of calculation of profits and gains under Section 145, in view of the definition of the word "paid' as defined under Section 43 of the Act, neither the original Section 43B nor the amended Section 43B can be said to have retrospective application as legislation itself applied them prospectively i.e. Sections 43B was specifically applied with effect from 01.04.1984 and amendment made by Finance Act, 1988 was applied with effect from 01.04.1989. The argument that "market fee" is also a tax and only nomenclature has been changed is also not liable to be accepted. Supreme Court in CIT Vs. Mcdowell & Company Ltd, [2009 (5) TMI 28 - SUPREME COURT] has held that 'bottling fee' realized under the Rules framed under the Excise Act is neither tax not duty as such Section 43B of the Act is not applicable on it. In View of the above we respectfully agree with the view of Andhra Pradesh High Court in Srikakollu Subba Rao and M.L. Agroproducts (Pvt) Ltd, [1990 (12) TMI 15 - ANDHRA PRADESH HIGH COURT] and Madhya Pradesh High Court in Mansukhlal Pranjibhai, and Dinesh Kumar Gordhan Lal (1996 (7) TMI 77 - MADHYA PRADESH HIGH COURT) - Decided in favor of assessee.
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