MAHALAXMI CONTINENTAL LIMITED,GUWAHATI vs. INCOME TAX OFFICER (DCIT/ACIT CIR-1), GUWAHATI

In the result, both the appeals of the assessee are allowed

Bench: Shri Duvvuru Rl Reddy & Shri Rajesh Kumar

Section 92BA of the Act was repealed by the Finance Act, 2017 w.e.f. 01/04/2017 and the amendment is retrospective effect meaning thereby the said provision never existed in the statute book by following the decision of the Hon'ble Karnataka High Court in the case of Pr.CIT-7 & Anr. Vs. M/s Texport Overseas Pvt. Ltd. (supra). Therefore, the addition made

MAHALAXMI CONTINENTAL LIMITED,GUWAHATI vs. INCOME TAX OFFICER (DCIT/ACIT CIR-1), GUWAHATI

In the result, both the appeals of the assessee are allowed