1999 (3) TMI 17

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..... heme was converted into interest-free loan particularly when the provisions of s. 43B are retrospective in operation" is a question of law - question quoted above shall be referred by the Tribunal to the HC - C. A. Nos 6181 84 of 1995. - - - Dated:- 17-3-1999 - S. P. BHARUCHA AND R. C. LAHOTI JJ. For the Appellant : T. L. V. Iyer, Senior Advocate (Rajiv Nanda, Advocate, for B. K. Prasad, A .....

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..... hown the said circular and it is clear that its provisions would apply only if a State Government had amended its Sales Tax Act to provide that the sales tax that was deferred under an incentive scheme framed by it would be treated as actually paid, so as to meet the requirements of section 43B of the Income-tax Act, 1961. Notice does not appear to have been taken of the Gujarat Sales Tax Act, 196 .....

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