Amendment to section 40(a)(ia) vide Finance (No.2) Act, 2014 effective from AY 2015-2016

Vivek Bhole Architects Pvt. Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that amendment to section 40(a)(ia) of the Income Tax Act vide the Finance (No.2) Act, 2014 is effective from 01/04/2015 and shall be applicable from the Assessment Year 2015-2016. Facts- During the assessment proceedings, on perusal of the details of interest expenses furnished by the assessee, it was observed that the assessee has claimed interest on vehicle loans/other loans of Rs.40,42,961 as interest expenses. It was further observed that the aforesaid interest has been paid to Tata Capital, Kotak Mahindra P. Ltd., Re...