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of <h1>Supreme Court dismisses appeal on prospective application of Income-tax Act provision, affirms declaratory nature.</h1> The Supreme Court dismissed the appeal concerning the prospective application of Explanation 2 to section 40(b) of the Income-tax Act, 1961. The court ... Whether Explanation 2 to section 40(b) of the Income-tax Act, 1961, introduced with effect from April 1, 1985, is only declaratory - Held, yes The Supreme Court dismissed the appeal regarding the prospective operation of Explanation 2 to section 40(b) of the Income-tax Act, 1961. The court upheld the view that the Explanation is declaratory, based on previous cases. The appeal was dismissed with no order as to costs.
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