Application u/s 154 - benefit of the second proviso to Section...

Application u/s 154 - benefit of the second proviso to Section 40(a)(ia), introduced by the Finance Act, 2012, with effect from 01.04.2013 - This proviso allows relief if the payee has paid taxes on the receipts, even if the tax deduction at source was not made by the payer. - The Tribunal rules in favor of the assessee, holding that the rectification sought u/s 154 is maintainable. It directs the issue back to the Assessing Officer for consideration on merits regarding the quantum of benefit allowable to the assessee under the second proviso to Section 40(a)(ia) of the Act.