TMI Blog2014 (11) TMI 1150X X X X Extracts X X X X X X X X Extracts X X X X ..... INDIA] in the case of Hindustan Coca Cola Beverages P. ltd., (supra) wherein it was held that if the payees have admitted the receipt of income, there is no need for the payee to deduct the TDS. Since the provisions of section 201(1) allow such assessee to be not an “assessee in default”, consequently, the second proviso to section 40(a)(ia) also comes into operation even though the said provisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Revenue has raised only one ground on the reason that insertion of second proviso w.e.f. 01.04.2013 to section 40(a)(ia) is only prospective in nature and not retrospective. 2. Briefly stated, assessee herein is engaged in the business of real estate, construction and sale of flats. While making the assessment, A.O. invoked provisions of section 40(a)(ia) to an extent of ₹ 2,36,84,849 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 40(a)(ia). Ld. CIT(A) also observed that in case of failure on the part of assessee to furnish such certificates, the disallowance stands confirmed. While directing the same, Ld. CIT(A) took into consideration the second proviso to section 40(a)(ia) which intended to remove the hardship to assessee. it is on this observation of Ld. CIT(A), Revenue is in appeal. 3. We do not find any meri ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
