Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (3) TMI 1316 - ITAT AHMEDABADScope of amendment to Section 40(a)(ia) - amendment by the Finance Act, 2012 w.e.f. 01.04.2013 is prospective and by holding so the assessee is aggrieved by the disallowance of interest expenditure - Held that:- The reliance on the Circular by the D.R. is misplaced as that Circular refers to the decision of the Tribunal Special Bench, Vishakhapatnam in the case of Merilyn Shipping & Transports vs. Addl. CIT [2012 (4) TMI 290 - ITAT VISAKHAPATNAM]. The Circular also refers to the decision of the Hon’ble High Court of Gujarat, High Court of Allahabad which all relates to the issue relating to “paid or payable” whereas the issue before us relates to the amendment of second proviso to Section 40(a)(ia) which has been held to have a retrospective effect by the Hon’ble High Court of Delhi in the case of Ansal Landmark Township Pvt. Ltd. [2015 (9) TMI 79 - DELHI HIGH COURT] In the interest of justice and fair play, we restore this issue to the files of the A.O. The assessee is directed to furnish necessary evidences to show that the payee has filed returns and offered the sum received to tax. The A.O is directed to verify the same and decide the issue fresh.
|