Law: Income Tax Act, 1961

Section: 43B

Income-tax----Business expenditure---Deduction only on actual payment---Insertion of first proviso to S.43-B w. e. f. 1-4-1988---Is declaratory of pre-existing law and is procedural in nature---Does not affect vested rights---Amended provisions of S.43-B applicable to assessment year 1984-85---Indian Income Tax Act, 1961, S.43-B. The first proviso to section 43-B of the Income Tax Act, 1961, is declaratory of pre-existing section 43-B, effective from April 1, 1984, and does not affect vested rights. It is explanatory of the provisions and is procedural in nature. Therefore, the amended provisions of section 43-B are applicable to the assessment year 1984-85 though the said amendment was effective from April 1, 1988. Cabell v. Markhan (1945) 148 F 2d 737; CIT v. Ashoka Marketing Ltd. (1976) 103 ITR 543 (SC); CIT v. Bhandari Capacitors (Pvt.) Ltd. (1987) 168 ITR 647 (MP); CIT v. Chandulal Venichand (1994) 209 ITR 7 (Guj.); CIT v. Dhiraj Kumar & Co. (1997) 226 ITR 443 (MP); CIT v. Kotrika Venkataswamy & Sons (1971) 79 ITR 499 (SC); CIT v. Polar Fan Industries Ltd. (1992) 197 ITR 718 (Cal.); CWT v. Usha Devi (Smt.) (1990) 185 ITR 75 (MP); Ganga Cut Piece Centre v. CIT (1996) 219 ITR 201 (MP); Ganga Cut Piece Centre v. CIT (1997) 225 ITR 839 (MP); Jamshedpur Motor Accessories Stores v. Union of India (1991) 189 ITR 70; (Patna) and Parashuram Pottery Works Co. Ltd. v. ITO (1977) 106 ITR 1 (SC); (1977) AIR 1977 SC 429 ref. JUDGMENT A.R. TIWARI, J.---On request, the above noted miscellaneous civil cases, entailing common questions of fact and law are heard analogously and are being disposed of by this common order. Right at the threshold it may be stated that Miscellaneous Civil Case No.514 of 1992, was listed today. On request the other miscellaneous civil cases, as particularised above, were also ordered to be listed today through a supplementary cause list for analogous hearing as connected matters. These miscellaneous civil cases are registered on the applications of the Commissioner of Income-tax Bhopal, presented under section 256(2) of the Income Tax Act, 1961, and contain the under noted question, categorised as one of law, for a direction to the…

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