TMI Blog2021 (4) TMI 781X X X X Extracts X X X X X X X X Extracts X X X X ..... '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. - T.C.A.No. 207 of 2014 - - - Dated:- 25-3-2021 - Hon'ble Mr. Justice M.Duraiswamy And Hon'ble Mrs.Justice T.V.Thamilselvi For the Appellant : Mr. T.R. Senthil Kumar, Senior Standing Counsel Asst. by Ms. K.G. Usha Rani, Jr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence to the Revenue when the tax rates are stable and uniform or in cases of big assessees having substantial turnover and equally huge expenses and necessary 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 to a subsequent year, in such cases, will not wipe off the adverse effect and the financial stress. Such could not be the intention of the legislature. Hence, the amendment made by the Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above shows that the amendment was curative in nature, 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 returns on 01.08.2005 i.e., in accordance with the due date under the provisions of Section 139 IT Act, hence, 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. .... 4. On a reading of the above Judgment, 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 17.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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