https://www.taxtmi.com/caselaws?id=415981 The Court held that the amendments made by the Finance Act, 2021 to sections 36(1)(va) and 43B of the Income Tax Act should be applied prospectively from 01.04.2021. Consequently, the additions made under section 36(1)(va) were deleted, and the appellant's appeal was allowed. The Court emphasized that provisions imposing a liability on an assessee cannot be applied retrospectively unless expressly stated by the legislature. The judgment provides clarity on the interpretation of relevant sections, the applicability of recent amendments, and the prospective effect of legislative changes. en-us Tue, 23 Nov 2021 00:00:00 +0530 Sat, 18 Dec 2021 08:46:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415981 The Court held that the amendments made by the Finance Act, 2021 to sections 36(1)(va) and 43B of the Income Tax Act should be applied prospectively from 01.04.2021. Consequently, the additions made under section 36(1)(va) were deleted, and the appellant's appeal was allowed. The Court emphasized that provisions imposing a liability on an assessee cannot be applied retrospectively unless expressly stated by the legislature. The judgment provides clarity on the interpretation of relevant sections, the applicability of recent amendments, and the prospective effect of legislative changes. Case-Laws Income Tax Tue, 23 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415981