https://www.taxtmi.com/caselaws?id=241965 The Tribunal upheld the disallowance of interest expenditure under section 40(a)(ia) of the Income Tax Act for the appellant for the assessment year 2007-08. Despite arguments for retrospective application of a proviso inserted in the Act, the Tribunal held that the proviso could only be applied from 1.7.2012 onwards, not benefiting the appellant. The decision emphasized the necessity of complying with TDS provisions and the restricted scope of retrospective application of beneficial amendments, leading to the dismissal of the appellant's appeal. en-us Fri, 27 Dec 2013 00:00:00 +0530 Sat, 04 Jan 2014 06:42:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241965 The Tribunal upheld the disallowance of interest expenditure under section 40(a)(ia) of the Income Tax Act for the appellant for the assessment year 2007-08. Despite arguments for retrospective application of a proviso inserted in the Act, the Tribunal held that the proviso could only be applied from 1.7.2012 onwards, not benefiting the appellant. The decision emphasized the necessity of complying with TDS provisions and the restricted scope of retrospective application of beneficial amendments, leading to the dismissal of the appellant's appeal. Case-Laws Income Tax Fri, 27 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241965