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2021 (4) TMI 781 - HC - Income TaxDisallowance u/s 40(a)(ia) - Whether Tribunal was right in holding that the amendment n made to section 40(a)(ia) by Finance Act, 2010 would apply retrospectively, though the amendment is made with effect from 1.4.2010? - HELD THAT:- As relying on Calcutta Export Company [2018 (5) TMI 356 - SUPREME COURT] it is clear that the amendment made by the Finance Act, 2010 was curative in nature and it should be given retrospective operation as if the amended provision existed even at the time of its insertion. Since the assessee has filed its return of income on 17.10.2009, as per the ratio laid down by the Hon'ble Apex Court, the assessee should be allowed to claim the benefit of the amendment made in the Finance Act to the provisions of Section 40(a)(ia) of the Income Tax Act. The learned Senior Standing Counsel appearing for the appellant has not produced any contra judgment in support of the Revenue. We are of the considered view that the ratio laid down by the Hon'ble Supreme Court in the Judgment squarely applies to the facts and circumstances of the present case. - Decided against revenue.
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