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Section 194A6 Section 40a5 Section 403 Section 194I2

M.K. AGRAWAL & CO.,SONEBHADRA vs. ACIT RANGE-III, MIRZAPUR

In the result, the appeal of the assessee is allowed

ITA 309/ALLD/2017[2010-11]Status: DisposedITAT Allahabad03 Dec 2020AY 2010-11

Bench: Shri Vijay Pal Raoassessment Year: 2010-11 M.K. Agrawal & Co., V. Acit, Range-Ii, Mirzapur Sonebhadra

For Appellant: Shri S. K. Jaiswal, CAFor Respondent: Shri A. K. Singh,Sr. DR

Section 194ASection 194ISection 2Section 40Section 40a

40a(ia) is held as curative in nature and therefore shall have retrospective effect though the same was inserted by Finance Act 2012. The recipient of the financial charges, M/s Tata Capital Ltd., is assessed to tax and paid tax on finance charges. Therefore, in view of 2nd Proviso to section 40(a)(ia) of the Act, no disallowance