Section 2(15) amended by Finance Act, 2008 applicable WEF 01.04.2009

CIT/PCIT Vs Paradeep Port Trust (Orissa High Court) The very text of the Finance Act, 2008 and in particular Section 3 thereof which inserts the amended Section 2(15) clearly states that “the following clause shall be substituted with effect from the 1st day of April, 2009.” Clearly, therefore, the amendment is prospective. Consequently, the Court declines to frame this question either. Paradeep Port Trust can maintain books of account on accrual basis On the issue whether the Assessee ought to have resorted to the cash system of accounting and not the accrual basis, it has been pointed ou...