2017 (10) TMI 1331 - HC - Income Tax

Disallowance of expenditure u/s. 40(a)(ia) - due date for payment into the account of Central Government - Held that - The Tribunal by the impugned judgment held that tax deducted at source was deposited, however same was belated. The Tribunal also held that the explanation to section 40(a)(ia) added on 1.4.2005 as held by this Court in case of CIT v. Omprakash R. Chaudhary reported in (2015 (2) TMI 150 - GUJARAT HIGH COURT) is to be applied retrospectively.

Summary

The Gujarat High Court dismissed the Revenue's appeal against the Income Tax Appellate Tribunal's judgment, which deleted an addition of Rs. 3,43,93,961 under section 40(a)(ia) of the Income Tax Act. The issue was already covered by a previous court judgment.