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of <h1>Supreme Court allows deduction claim for 1986-87, reversing tribunal decision. Appellant wins Rs. 1,40,86,821 deduction.</h1> The Supreme Court allowed the appellant's deduction claim under section 43B for the assessment year 1986-87. The deduction disallowed by the Income-tax ... Allowability of the deduction of Rs. 1,40,86,821 claimed by the appellant for the assessment year 1986-87 under section 43B - Since the proviso to section 43B of the Income-tax Act, 1961 was applicable with retrospective effect, therefore, for the assessment year 1986-87 deduction under section 43B would be allowed The Supreme Court allowed the deduction claimed by the appellant under section 43B for the assessment year 1986-87. The deduction disallowed by the Income-tax Officer for 1986-87 was allowed by the Income-tax Appellate Tribunal for 1987-88. The appellant will request the Assessing Officer to withdraw the deduction for 1987-88 and allow it for 1986-87. The deduction of Rs. 1,40,86,821 will be allowed in 1986-87 and not in 1987-88. The question of law was answered in favor of the appellant with no costs.
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