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 1^st 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

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