2000 (2) TMI 15

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..... with retrospective effect, therefore, for the assessment year 1986-87 deduction under section 43B would be allowed
Judge(s) : B. M. KIRPAL., M. B. SHAH. and R. C. LAHOTI. ORDER The question involved in this reference relates to the allowability of the deduction of Rs. 1,40,86,821 claimed by the appellant for the assessment year 1986-87 under section 43B of the Income-tax Act, 1961. The Inco .....

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..... 0,86,821 the deduction was allowable for the assessment year 1986-87, as claimed by the appellant before the Income-tax Officer. In this view of the matter, the question of law which was referred by the Tribunal has to be answered in favour of the appellant which would mean that for the assessment year 1986-87 deduction under section 43B would be allowed for the sum of Rs. 1,40,86,821. An affidav .....

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..... 7- 88 when the Income-tax Officer is giving effect to the order of the Tribunal, he shall, while allowing the deduction of Rs. 1,25,30,853 for that year, disallow the deduction of Rs. 1,40,86,821. The ultimate result will be that the deduction of this latter amount will be allowed in the assessment year 1986-87 and not in the assessment year 1987-88. The question of law referred in this tax refer .....

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