KISHAN AUTOMOBILE Vs. COMMISSIONER OF INCOME TEX

JUDGEMENT

(1.) This is a reference by the Income Tax Appellate Tribunal, Jabalpur Bench, Jabalpur in R.A. No. I3/Jab/I992, by which following question has been referred for (he opinion of this Court

(2.) Learned Counsel appearing for petitioner submitted that to give effect to the provisions as contained in Section 43-B, First Proviso was inserted w.e.f. 1989, but it was curative in nature and has to be given retrospective effect. Section 43-B (a) of the Income Tax Act, 1961 was inserted to meet out various difficulties, He has placed reliance to the Apex Court judgment in Allied Motors (P) Ltd. Vs. Commissioner of Income Tax, 1997 224 ITR 677, and Whirlpool of India Ltd. Vs. Commissioner of Income Tax, 2000 162 CTR 308, and submitted that this reference may be answered in favour of the assessce.

(3.) Shri Sanjay LaL, learned Counsel appearing for Department opposed the contention and submitted that the aforesaid proviso has been inserted by Finance Act. 1988, w.e.f. 1-4-1989, so it is prospective in nature and until and unless a specific provision is made that it is retrospective, it is to be treated prospective.