Amendment in Section 40(a)(ia) vide Finance Act, 2010 are retrospective

A.Y. Garment International Private Ltd. Vs DCIT (Karnatka High Court) Whether the Tribunal was justified in law in holding that the amendment made by Finance Act, 2010 in the provisions of Section 40(a)(ia) of the Income-tax Act, 1961 is not retrospective in operation on the facts and circumstances of the case? The issue whether the aforesaid amendment being curative in nature has retrospective operation was considered by the Supreme Court in the case of CALCUTTA EXPORT COMPANY supra and it was held that the purpose of amendment made by Finance Act, 2010 is to solve the anomalies and proviso w...