2017 (11) TMI 1660 - HC - Income Tax

Retrospectivity of amendment to Section 40(a)(ia) by the Finance Act, 2010 - Held that - As decided in The Commissioner of Income TaxII, Pune vs. Shraddha & S.S.Kale, Joint Venture (2017 (4) TMI 525 - BOMBAY HIGH COURT) as the various High Courts have already taken a view on this very issue and in the absence of any reasons to take a different view, we see no reason to discard the same. Thus, the amendment to Section 40 (a)(ia) of the Act by Finance Act, 2010 is retrospective with effect from 1st April, 2005 as held by various High Courts. Appeal admitted on first substantial question of law.

Summary

The Bombay High Court admitted an appeal on the first substantial question of law framed in an Income Tax Appeal. The second question had already been decided in a previous judgment. The respondent's advocate waived service. The case is to be heard along with other connected appeals.