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2014 (5) TMI 782 - HC - Income TaxRestriction u/s 43B - conversion of interest amount into loan - actually paid or deemed paid - retrospective effect of amendment - Held that:- The explanation which was sought to be pressed into service by the Revenue was introduced by the Finance Bill, 1999 and the Bill expressly stated that the Explanation would be operative with effect from 1st April, 2000 - Relying upon Eicher Motors Limited vs. Commissioner of Income Tax [2006 (7) TMI 201 - MADHYA PRADESH HIGH COURT]- the question was whether in spite of the clarification in the Bill itself, the Explanation could be applied with retrospective effect - Explanation 3C added to section 43B has specifically been made retrospective with effect from 1st April, 1989 - It is not possible to hold that Explanation 3C would nonetheless apply prospectively as contended by the assessee – Decided in favour of Revenue.
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