Court held that clause (h) of Explanation 1 below section 115JB(2) of the Act has been incorporated with effect from April 1, 2001. The retrospective operation of the provision had not been challenged by the assessee hence the interest could be levied under S. 234B of the Act . (AY.2005-06)
CIT v .Jsw Steel Ltd (2020) 424 ITR 227 /275 Taxman 587 (Karn)(HC)
S.115JB: Book profit – Interest – Retrospective amendment -Interest is leviable [ S.234B ]