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of <h1>New Circular on Section 43B: Taxpayers Can Rectify Disallowed Deductions with Late Evidence Submission u/s 154.</h1> The circular clarifies the interpretation of section 43B of the Income-tax Act, 1961. It revises a previous circular, stating that if a deduction is initially disallowed due to lack of evidence under section 143(1)(a), it can be reconsidered if evidence is later provided. Specifically, if payments required under section 43B were made by the due dates but evidence was not initially submitted, taxpayers can apply for rectification under section 154. This modification allows Assessing Officers to reassess such cases on their merits. The directive is to be communicated to all relevant Assessing Officers.
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