Amendment to Section 36(1)(va) & 43B of Income Tax Act not Retrospective

BI Worldwide India Pvt. Ltd. Vs DCIT (ITAT Bangalore) Question is whether the amendment to section 36(1)(va) and 43B of the I. T.Act by Finance Act, 2021 is clarificatory and declaratory in nature. The Hon’ble Supreme Court in the recent judgment in the case of M. M. Aqua Technologies Limited v. CIT reported in (2021) 436 ITR 582 (SC) had held that retrospective provision in a taxing Act which is “for the removal of doubts” cannot be presumed to be retrospective, if it alters or changes the law as it earlier stood (page 597). In this case, in view of the judgment of the Hon&#...