https://www.taxtmi.com/caselaws?id=240071 The Supreme Court dismissed the Income Tax Application, upholding the decision of the Income Tax Appellate Tribunal in favor of the assessee for the Assessment Year 1984-85. The Court affirmed the disallowance of certain liabilities under Section 43-B of the Income Tax Act, except for dues of PF falling under the second proviso. It clarified the retrospective effect of the amended provisions and ruled that debatable issues of law cannot be a ground for rectification under Section 154, ultimately deciding in favor of the assessee against the revenue. en-us Tue, 25 Sep 2012 00:00:00 +0530 Mon, 25 Nov 2013 00:53:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240071 The Supreme Court dismissed the Income Tax Application, upholding the decision of the Income Tax Appellate Tribunal in favor of the assessee for the Assessment Year 1984-85. The Court affirmed the disallowance of certain liabilities under Section 43-B of the Income Tax Act, except for dues of PF falling under the second proviso. It clarified the retrospective effect of the amended provisions and ruled that debatable issues of law cannot be a ground for rectification under Section 154, ultimately deciding in favor of the assessee against the revenue. Case-Laws Income Tax Tue, 25 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240071