https://www.taxtmi.com/caselaws?id=60970 The Appellate Tribunal ITAT Chandigarh allowed the revenue's appeal regarding the disallowance of interest under section 40(b) of the Income-tax Act, 1961. The Tribunal considered the retrospective and clarificatory nature of the Explanations to section 40(b) and emphasized the need to follow statutory amendments to avoid unnecessary litigation. The decision was based on the overruling of a Gujarat High Court decision and the applicability of the Explanations, which were deemed procedural and retrospective, aligning with the Supreme Court's position on adhering to the only available High Court decision on the issue. en-us Mon, 30 Dec 1985 00:00:00 +0530 Mon, 10 Jan 2011 11:59:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60970 The Appellate Tribunal ITAT Chandigarh allowed the revenue's appeal regarding the disallowance of interest under section 40(b) of the Income-tax Act, 1961. The Tribunal considered the retrospective and clarificatory nature of the Explanations to section 40(b) and emphasized the need to follow statutory amendments to avoid unnecessary litigation. The decision was based on the overruling of a Gujarat High Court decision and the applicability of the Explanations, which were deemed procedural and retrospective, aligning with the Supreme Court's position on adhering to the only available High Court decision on the issue. Case-Laws Income Tax Mon, 30 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60970