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TMI Blog2013 (7) TMI 231X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of the appellate authority and granted relief to the assessee. The assessee is a firm which carries on the business of cotton. For the assessment year 2005-06, they filed the return of income, declaring the income at Rs. 42,480. The assessment was completed under section 143(3) of the Income-tax Act, 1961 ("the Act" for short), vide order dated December 17, 2007, fixing the total income a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the disallowance of Rs.41,14,270 and Rs. 1,80,599 made by him under section 40(a)(ia) of the Act. Aggrieved by the said order, the Revenue preferred an appeal to the Tribunal, contending that the appellate authority failed to see the provision contained in section 194C(1) as per which the assessee was liable to deduct tax at source during every month of payment from April, 2004, to February, 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the assessment year 2005-06 as held by the Income-tax Appellate Tribunal in the present case ? (ii) Whether the assessee who has credited the pressing and ginning charges to the contractors from April 1, 2004, to February 28, 2005, is entitled to the deduction under section 40(a)(ia) although the tax at source is not deducted as required under section 194C and not paid within the stipulated time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority was justified in making the disallowance, but on the date the appeal was filed, the section came to be amended, giving retrospective benefit. Therefore, the appellate authority extended the benefit of the amended provision and held that the disallowance is paid and the order has been upheld by the Tribunal. Therefore, by the Finance Act, 2008, which is given retrospective effect from April ..... X X X X Extracts X X X X X X X X Extracts X X X X
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