https://www.taxtmi.com/caselaws?id=57216 Section 43B disallows specified deductions only on actual payment, but the amendment extending clause (d) to interest on borrowings from a State Financial Corporation applied prospectively from 1 April 1991. Because the relevant previous year ended on 31 March 1989, the enlarged wording did not govern that assessment year. On that basis, disallowance of the interest for assessment year 1989-90 was not justified, and the assessee's relief was upheld. en-us Fri, 03 May 1991 00:00:00 +0530 Wed, 08 Dec 2010 19:10:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57216 Section 43B disallows specified deductions only on actual payment, but the amendment extending clause (d) to interest on borrowings from a State Financial Corporation applied prospectively from 1 April 1991. Because the relevant previous year ended on 31 March 1989, the enlarged wording did not govern that assessment year. On that basis, disallowance of the interest for assessment year 1989-90 was not justified, and the assessee's relief was upheld. Case-Laws Income Tax Fri, 03 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57216