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2015 (1) TMI 48 - AT - Income TaxStay of demand - Disallowance u/s 40(a)(i) - disallowance u/s 14A - Held that:- there is a direct decision given by the Tribunal in assessee's own case for the assessment year 2006-07 deleting similar disallowance u/s 40(a)(i). The amendment to sec. 40(a)(i), brought to our notice by the ld. DR, became effective from the assessment year 2005-06 and as such was impliedly not absent for consideration from the tribunal at the time of deciding this issue in favour of the assessee for the assessment year 2006-07 - Respectfully following the judgment of the Hon'ble High Court and the fact that the Tribunal for the assessment year 2006-07 has deleted such disallowance made by the A.O. u/s 40(a)(i), we are of the considered opinion that, at least prima-facie, the assessee has made out a case for stay of demand on this issue. - Stay granted.
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