https://www.taxtmi.com/caselaws?id=414597 The Tribunal ruled in favor of the assessee, setting aside the order of the Commissioner of Income Tax (Appeals) and allowing the appeal. The Tribunal emphasized that the relevant assessment year predated the insertion of Explanation-5 to section 43B by the Finance Act, 2021, making the law laid down by the Calcutta High Court applicable. As Explanation-5 was not retrospective, the assessee's position was supported, resulting in the deletion of the impugned addition made by the lower authorities. en-us Wed, 27 Oct 2021 00:00:00 +0530 Fri, 12 Nov 2021 08:52:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414597 The Tribunal ruled in favor of the assessee, setting aside the order of the Commissioner of Income Tax (Appeals) and allowing the appeal. The Tribunal emphasized that the relevant assessment year predated the insertion of Explanation-5 to section 43B by the Finance Act, 2021, making the law laid down by the Calcutta High Court applicable. As Explanation-5 was not retrospective, the assessee's position was supported, resulting in the deletion of the impugned addition made by the lower authorities. Case-Laws Income Tax Wed, 27 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414597