2014 (5) TMI 782

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r of Income Tax, reported in 315 ITR 312 (M.P) wherein the following view was taken. "In view of Explanation 3C, the question referred to this court stands answered in favour of the Revenue and against the assessee. In other words, in the light of Explanation 3C appended to section 43B with effect from April 1, 1989, the view taken by the Tribunal on interpretation of unamended section 43B has to be upheld as being in accord with the legislative intent brought on the statute book in the form of Explanation 3C to section 43B. Since Explanation 3C is brought on the statute book retrospectively with effect from April 1, 1989, and hence, it will have its application to this case as well because the question referred to this court arises out of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....garded as "actually paid" amount within the meaning of section 43B. In view of clear legislative mandate removing this doubt and making the intention of the Legislature clear in relation to such transaction, it is not now necessary for this court to interpret the unamended section 43B in detail, nor is it necessary for this court to take note of facts in detail as also the submissions urged in support of various contentions except to place reliance on Explanation 3C to section 43B and answer the questions against the assessee and in favour of the Revenue. In view of the foregoing discussion and in the light of Explanation 3C appended to Section 43B, quoted supra, we answer the questions referred to this court against the assessee and in fa....