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2017 (6) TMI 1354 - AT - Income TaxApplication of second proviso to section 40(a)(ia) - Retrospective or prospective effect - whether the second proviso to section 40(a)(ia) of the Act takes effect from 01.04.2013 is applicable to the assessee or not? - diversified views - HELD THAT:- Since there exists two contradictory decisions, we are of the considered opinion that the Hon’ble Supreme Court in the case of CIT v. Vegetable Products Ltd. [1973 (1) TMI 1 - SUPREME COURT] has held that the decision favourable to the assessee have to be acted upon. in the case of Star Investments Pvt. Ltd. [2016 (6) TMI 1428 - ITAT CHENNAI] wherein the decision of Rajeev Kumar Agarwal [2014 (6) TMI 79 - ITAT AGRA] has been followed, which was affirmed by case of Ansal Landmark Township Pvt. Ltd. v. Addl. CIT [2014 (9) TMI 194 - ITAT DELHI] as subsequently confirmed by the Hon’ble Delhi High Court in the case of CIT v. Ansal Landmark Township Pvt. Ltd. [2015 (9) TMI 79 - DELHI HIGH COURT] and the same was not reverted by the High Court. Thus held that second proviso to section 40(a)(ia) is declaratory and curative in nature and has retrospective effect from 1st April, 2005 - Decided against revenue.
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