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2014 (12) TMI 185 - HC - Income TaxDisallowance u/s 40(a)(ia) Effect of amendment, retrospective or prospective Held that:- It is accepted by revenue that the tax deducted at source was deposited before the due date of the filing of the return in Commissioner of Income Tax Vs. Naresh Kumar [2013 (9) TMI 275 - DELHI HIGH COURT] it has been held that amendment to Section 40(a)(ia) by Finance At, 2010 has retrospective effect thus, the assessee would be entitled to benefit of the proviso added to Section 40(a)(ia) vide Finance Act, 2010 the disallowance u/s 40(a)(ia) cannot be sustained. Rate of depreciation on trucks Held that:- The Tribunal rightly recorded that the assessee had entered into contracts with the third parties for the transportation of coal, iron etc. - the assessee was plying the motor lorries for hire - Transportation of goods was the business of the assessee, and was generating revenue/income in Commissioner of Income Tax Vs. Gupta Global Exim (Pvt.) Ltd., [2008 (5) TMI 7 - SUPREME COURT] wherein it has been held that the true test which should be applied, is whether the assessee was in the business of transportation and the vehicles were used for the said business - This would show whether the vehicles were run on hire. The said test has been rightly applied the order of the Tribunal is upheld Decided against revenue.
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