Case Law Details
Shri Digamber Jain Bees Panthi Ajmeri Amnay Panchayat Bada Dhada Vs ITO (ITAT Jaipur)
When the income of the assessee has been assessed under the head ‘Income from other sources’ and there is no provision U/s 56 to 58 of the Act to make a disallowance U/s 40(a)(ia) of the Act prior to the amendment vide Finance Act 2017 w.e.f. 1/04/2018 whereby sub-Section (1A) of Section 58 has been amended for the purpose of making a provision for disallowance U/s 40(a)(ia) of the Act. Therefore, in view of the above facts and circumstances of the case, when the amendment is applicable from 01/4/2018, no disallowance can be made U/s 40(a)(ia) of the Act against the income of the assessee assessed under the head “Income from other sources”, hence, we direct to delete the disallowance made U/s 40(a)(ia) of the Act.
FULL TEXT OF THE ITAT JUDGMENT
This appeal by the assessee is directed against the order dated 09/01/2018 of Id. CIT(A), Ajmer for the A.Y. 2014-15. The assessee has raised following grounds of appeal:
“1. The Id. CIT(A) has erred in law as well as on facts of the case by confirming application of Maximum Margin Rate and not allowing basic exemption limit.
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