Section 40(a)(ia) applies to transaction made during the year

In the result, we are of the opinion that Section 40(a) (ia) would cover not only to the amounts which are payable as on 31^th March of a particular year but also which are payable at any time during the year. Of course, as long as the other requirements of the said provision exist. In that context, in our opinion the decision of the Special Bench of the Tribunal in the case of M/s. Merilyn Shipping & Transports vs. ACIT (surpa), does not lay down correct law.

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

TAX APPEAL NO. 905 of 2012

With

TAX APPEAL NO. 709 of 2012

With

TAX APPEAL NO. 710 of 2012

With

TAX APPEAL NO. 333 of 2013
With

TAX APPEAL NO. 832 of 2012

With

TAX APPEAL NO. 857 of 2012

With

TAX APPEAL NO. 894 of 2012

With

TAX APPEAL NO. 928 of 2012

With

TAX APPEAL NO. 12 of 2013
With

TAX APPEAL NO. 51 of 2013
With

TAX APPEAL NO. 58 of 2013
With

TAX APPEAL NO. 218 of 2013

COMMISSIONER OF INCOME TAX IV
Versus
SIKANDARKHAN N TUNVAR

CORAM: HONORABLE MR.JUSTICE AKIL KURESHI andHONOURABLE MS JUSTICE SONIA GOKANI

Date : 02/05/2013