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2014 (5) TMI 1000 - ITAT DELHIAmendments made to Section 40(a)(ia) by Finance Act, 2010 - Retrospective effect or Prospective effect - Deletion made u/s 40(a)(ia) of the Act – Existence of contract/sub-contract between assessee and the payee – Obligation to deduct TDS – Held that:- The TDS deducted for the period April 2008 to February 2009 was deposited before the due date of filing of return u/s 139 (1) of the Act – there was no infirmity in the order – Following CIT vs. Naresh Kumar [2013 (9) TMI 275 - DELHI HIGH COURT] - the amendment made to Section 40(a)(ia) by the Finance Act 2010 should be given retrospective effect. Excess depreciation on vehicles – Held that:- CIT(A) rightly was of the view that the Principle laid down in the circular and judicial precedents clearly reiterates intention of legislature to allow benefit of higher depreciation to the persons involved in the business of running motor cars, motor lorries etc. on hire as well as using these vehicle for transporting goods on hire - The word ‘hired’ used by statute was only to indicate that some income should be rendered to taxation by utilization of those assets in fact tippers/trucks were used in appellant’s business of transportation and income from such activity was duly included in business income as appellant had entered into a composite contract - The Tax Auditor has duly certified depreciation claim - the facts are not in dispute in as much as that the assessee entered into a transportation contract with M/s East India Minerals Ltd. for transportation of Iron ore etc. from crusher stockpile to railway sidings which has not been assailed by the revenue by way of any argument on fact or any evidence led to show that a fact has been wrongly taken into consideration, in the absence of the same, the commercial heavy goods vehicles belonging to the assessee have been used for hire for transporting the goods from one place to the other - Considering the Circular No. 652 dated 14/6/1993, the order of the CIT(A) is upheld - Decided against Revenue.
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