Amendment to section 36(1)(via) & 43B are prospective not retrospective

Bevel Gears (India) Pvt. Ltd. Vs ACIT (ITAT Bangalore) ITAT held that amendment by Finance Act, 2021 to Sec.36(1)(va) and 43B of the I.T.Act will not have application to relevant assessment year, namely A.Y. 2017­-2018. FULL TEXT OF THE ORDER OF ITAT BANGALORE This appeal at the instance of the assessee is directed against CIT(A)’s order dated 23.06.2021. The relevant assessment year is 2017-2018. 2. The grounds raised read as follows:- “1. The Assessment order to the extent of the disallowance is bad in law as well as on facts and is liable to be dismissed. 2. The learned AO has made a d...