Amendment to Income Tax Section 36(1)(va) & 43B are prospective in nature

PBN Constructions (P) Ltd Vs ACIT (ITAT Kolkata) ITAT direct the A.O. to delete the addition and hold that the Amendment brought in Finance Act 2021 w.e.f. 01.04.2021 by inserting an Explanation to section 36(1)(va) and section 43B of the Act is prospective in nature and would apply from AY 2021-22 onwards. FULL TEXT OF THE ORDER OF ITAT KOLKATA This is an appeal filed by the assessee against the order of National Faceless Appeal Centre, Delhi [hereinafter referred to as the ‘NFAC’] dated 01.04.2021 for A.Y. 2018-19. 2. At the outset, it is noted that there is a delay of 57 days on the par...