Section 45(5A) inserted vide Finance Act 2017 doesn’t have retrospective effect

Pankaj Kumar Vs CIT (Patna High Court) Patna High Court held that sub-section (5A) of section 45 inserted by way of an amendment in the Finance Act, 2017, expressly stated to be effective from 01.04.2018 cannot be treated as retrospective. Facts- The question of law raised in the writ petitions, filed under Article 226 of the Constitution of India, is as to whether sub-section (5A) of Section 45 of the Act; inserted by the Finance Act, 2017, with effect from 01.04.2018, apply retrospectively. The petitioners also contended that if it is held to be prospective, as is the consequence of the expr...