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2013 (3) TMI 510 - HC - Income TaxDisallowance U/s 40(a)(ia) - Non deposit of TDS amount within due date - Penalty U/s 271(1)(c)- Amendment which was brought about to section 40(a)(ia) by the Finance Act of 2010 - Held that :- The Tribunal in the course of its decision took the view that the issue was covered by the decision in Bansal Parivahan [2010 (9) TMI 552 - ITAT, MUMBAI] and sustained the deletion of the penalty only on that ground. As we have noted earlier, the submission which has been urged on behalf of the assessee in this case is that since the appeal arises not out of the quantum proceedings, but on the issue of penalty, the correctness of the view in Bansal Parivahan would not be determinative, strictly speaking of the issue as to whether a penalty should be imposed under section 271(1)(c). The Tribunal subsequent to its decision in Bansal Parivahan has reconsidered the amendment which was brought about to section 40(a)(ia) by the Finance Act of 2010 with effect from April 1, 2010. In Bharati Shipyard [2011 (9) TMI 258 - ITAT MUMBAI], the Special Bench of the Tribunal has held that the amendment was not retrospective. Matter remanded back.
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