2008 (12) TMI 776 - SCH - Income Tax

Summary

The Supreme Court allowed the civil appeal of the appellant-assessee, stating that the proviso in section 36(1)(iii) of the IT Act, inserted from April 1, 2004, operates prospectively. The appellant is entitled to the benefit of interest allowance for the assessment year 1989-90. The matter is remitted to the High Court for a decision in accordance with the law.