Presumption of Retrospectivity cannot be implied by new clarifications in existing tax law
Last updated: 14 August 2021
Court :
Supreme Court of India
Brief :
The Hon’ble Supreme Court, set aside the judgment of the Delhi High Court by observing Explanation 3C to be clarificatory as it explains Section 43B(d) the way it originally stood and does not purport to add a new condition retrospectively. Held, the High Court has erred in observing that interest has been converted into a loan.
Citation :
CIVIL APPEAL NOS.4742-4743 OF 2021 dated August 11,2021
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Bimal Jain
Published in Income Tax
Views : 151
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