Case Law Details
Shri Prashant H Shah Vs ACIT (Ahmedabad ITAT)- It is further important to mention that vide an amendment with effect from 1/6/2007 an individual or HUF have also been inducted vide sub-clause (k) in section 194C(1) of the IT Act. At this juncture, it is worth to hold that as far as the AY in hand is concerned, i.e. AY 2007-08, this latest amendment of section 194C(1)(k) of the Act being introduced with effect from 01/06/2007 has no applicability.
We therefore hold that if the Revenue Department had made an endeavour to invoke the provisions of section 40(a)(ia) for the infringement of the provisions of section 194C of the Act by holding that the assessee being an individual got covered by sub-section(1), then according to us, it was an incorrect application of law. We therefore hold that for the Asstt. Year under consideration 2007-08 the provisions of sub-clause(k) of 194C(1) are not applicable being introduced w.e.f. 1.6.2007 and the assessee being an individual is consequently out of the clutches of this clause.
IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH “ C ”
Before Shri MUKUL Kr. SHRAWAT, JUDICIAL MEMBER and Please become a Premium member. If you are already a Premium member, login here to access the full content.
