Held that Notably, this regulatory measure is in sync with other deductions specified in Section 43-B, which are also present and accrued liabilities. A priori, merely because a certain liability has been declared to be a present liability by the Court as per the prevailing enactment, it does not follow that Legislature is denuded of its power to correct the mischief with prospective effect, including to create a new liability, exempt an existing liability, create a deduction or subject an existing deduction to new regulatory measures. Strictly speaking, the Court cannot venture into hypothetical spheres while adjudicating constitutionality of a duly enacted provision and unfounded limitations cannot be read into the process of judicial review. A priori, the plea that clause (f) has been enacted with the sole purpose to defeat the judgment of this Court is misconceived.
(2020) 5 SCC 274- Union of India and Others v. Exide Industries limited and Another