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2017 (6) TMI 181 - AT - Income TaxAddition u/s 40(a)(ia) - whether the amendment made by Finance Act, 2012, in respect of the Provisions of Sec.40(a)(ia) which is effective from 01.04.2013 is retrospective in nature? - Held that:- The issue in this appeal is covered in favour of the Revenue by the decision of the Hon'ble Supreme Court in the case of Palam Gas Service vs. CIT (2017 (5) TMI 242 - SUPREME COURT ) wherein the decision of the Special Bench in the case of Merilyn Shipping & Transport (2012 (4) TMI 290 - ITAT VISAKHAPATNAM) and the Hon'ble Allahabad High Court decision CIT vs. Vector Shipping Services Ltd reported [2013 (7) TMI 622 - ALLAHABAD HIGH COURT] had been reversed weehein held When the entire scheme of obligation to deduct the tax at source and paying it over to the Central Government is read holistically, it cannot be held that the word 'payable' occurring in Section 40(a)(ia) refers to only those cases where the amount is yet to be paid and does not cover the cases where the amount is actually paid. - Decided in favour of revenue
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