High Court: Amendment to Income Tax Act is retrospective & clarificatory, benefit granted to assessee. The High Court of Calcutta held that the amendment to section 43B of the Income Tax Act, 1961 by the Finance Act, 2003 is retrospective and clarificatory ...
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High Court: Amendment to Income Tax Act is retrospective & clarificatory, benefit granted to assessee.
The High Court of Calcutta held that the amendment to section 43B of the Income Tax Act, 1961 by the Finance Act, 2003 is retrospective and clarificatory in nature. The Court ruled in favor of the assessee, directing that the benefit of the amended provision should be granted. Consequently, the Court set aside the Tribunal's decision that denied the benefit of the amendment. The appeals were disposed of with no order as to costs.
Issues involved: Interpretation of section 43B of the Income Tax Act, 1961 in relation to retrospective amendment by the Finance Act, 2003.
Summary: The High Court of Calcutta heard three appeals together as they involved similar issues. The main question was whether the amendment to section 43B of the Income Tax Act, 1961 by the Finance Act, 2003 is clarificatory and retrospective in nature. The Court referred to previous decisions and concluded that the amendment is retrospective. Therefore, the benefit of the amended provision should be given to the assessee. The Court answered the questions in favor of the assessee and set aside the Tribunal's order disallowing the benefit of the amendment. The appeals were disposed of accordingly with no order as to costs.
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