Case Law Details
Case Name : Commissioner of Income Tax Kolkata X Vs M/s Calcutta Export Company (Supreme Court of India)
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Supreme Court of India
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CIT Vs M/s Calcutta Export Company (Supreme Court of India)
The purpose of the amendment made by the Finance Act, 2010 is to solve the anomalies that the insertion of section 40(a)(ia) was causing to the bona fide tax payer. The amendment, even if not given operation retrospectively, may not materially be of consequence to the Revenue when the tax rates are stable and uniform or in cases of big assessees having substantial turnover and equally huge expenses and necessary cushion to absorb the effect. However,
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