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2011 (9) TMI 258 - AT - Income Tax
Amendment to Section 40(a)(ia) vide Finance Act, 2010 - whether amendment is remedial and curative in nature and is, therefore, retrospective in nature - Held that:- the amendment carried out by the Finance Act, 2010 with retrospective effect from assessment year 2010-11 cannot be held to be retrospective from assessment year 2005-06. - the authorities below were fully justified in sustaining disallowance of ₹ 50.12 lakhs under section 40(a)(ia) in the year under consideration. The question posted before the Special Bench is, therefore, answered in negative, in favour of the Revenue and against the assessee by holding that the amendment brought out by the Finance Act, 2010 to section 40(a)(ia) w.e.f . 1-4-2010, is not remedial and curative in nature.