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TMI Blog2020 (7) TMI 570X X X X Extracts X X X X X X X X Extracts X X X X ..... Usharani, SC For the Respondent : Mr.G.Baskar JUDGMENT Judgment was delivered by T.S.SIVAGNANAM,J We have heard Mr.T.R.Senthilkumar, learned Senior Standing Counsel and Ms.K.G.Usharani, learned Standing Counsel appearing for the appellant - Revenue and Mr.G.Baskar, learned counsel appearing for the respondent - assessee. 2. This appeal by the Revenue is directed against the order dated 19. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her side do not dispute the fact that the substantial questions of law framed for consideration in this appeal were answered against the Revenue in the decision of the Hon'ble Supreme Court in the case of CIT Vs. Calcutta Export Company [reported in (2018) 404 ITR 654]. 5. While answering the substantial questions of law in the said decision, the Hon'ble Supreme Court held as follows : "27) A p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cushion to absorb the effect. However, marginal and medium taxpayers, who work at low gross product rate and when expenditure which becomes subject matter of an order under Section 40(a)(ia) is substantial, can suffer severe adverse consequences if the amendment made in 2010 is not given retrospective operation i.e., from the date of substitution of the provision. Transferring or shifting expenses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rospective effect would serve the object behind the enactment. The aforesaid view has consistently been followed by this Court in the following cases, viz., Whirlpool of India Ltd., vs. CIT, New Delhi (2000) 245 ITR 3, CIT vs. Amrit Banaspati (2002) 255 ITR 117 and CIT vs. Alom Enterprises Ltd. (2009) 319 ITR 306. 30) Hence, in light of the forgoing discussion and the binding effect of the judg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is allowed to claim the benefit of the amendment made by Finance Act, 2010 to the provisions of Section 40(a)(ia) of the IT Act. 31) In light of the forgoing discussion, we are of the view that judgment of the High Court does not call for any interference and, hence, the appeals are accordingly dismissed. In view of the above, all the connecting appeals, interlocutory applications, if any, tran ..... X X X X Extracts X X X X X X X X Extracts X X X X
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