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Amendment to Section 40(a)(ia) has Retrospective Effect
Case Law Details
- Case Name
- Perfect Circle India Pvt Ltd Vs Pr. Commissioner of Income Tax (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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Perfect Circle India Pvt Ltd Vs Pr. CIT (Bombay High Court)
The Revenue would content that the benefit of this proviso would be available to the assessee only prospectively w.e.f. 1.4.2013. Various Courts, however, have seen this proviso as beneficial to the assessee and curative in nature. The leading judgment on this point was of the Division Bench of Delhi Court in the case of CIT Vs. Ansal Land Mark Township P Ltd. The Court held that Section 40(a)(ia) is not a penalty and insertion of the second proviso is declaratory and curative in nature and would have retrospective effect from 1.4.200...
