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2014 (5) TMI 894 - CALCUTTA HIGH COURTDeletion of disallowance u/s 40(1)(ia) of the Act – Held that:- In CIT vs. Crescent Export Syndicate [2013 (5) TMI 510 - CALCUTTA HIGH COURT] it has been held that the majority views expressed in the case of Merilyn Shipping and Transport were not acceptable - the second proviso to Section 40(a)(ia) is certainly intended to lessen the rigour of Section 40(a)(ia) in a case where the assessee is not deemed to be an assessee in default - There is no factual background on the basis of which it can be said that it was ever the contention of the assessee that he could not in the case be considered as an assessee in default - there was no occasion to consider as to whether the proviso is retrospective or can be held to be retrospective - The orders of the Tribunal and CIT(A), is patently contrary to the views expressed by the Court – Decided in favour of Revenue.
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