https://www.taxtmi.com/caselaws?id=343910 The Supreme Court overturned the CIT(A)'s decision to delete an addition under Section 40(a)(ia) of the Income Tax Act, reinstating the addition of Rs. 1,19,15,350. The Court held that Section 40(a)(ia) covers both payable and paid amounts, contrary to the CIT(A)'s reliance on prior judgments. Additionally, the Court upheld that amendments are not retrospective unless expressly stated, rejecting the CIT(A)'s view on the Finance Act, 2012 amendment. The Tribunal did not delve into the reasonableness of payments to relatives under Section 40(A)(2), focusing primarily on the Section 40(a)(ia) issue. en-us Fri, 02 Jun 2017 00:00:00 +0530 Mon, 05 Jun 2017 07:10:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343910 The Supreme Court overturned the CIT(A)'s decision to delete an addition under Section 40(a)(ia) of the Income Tax Act, reinstating the addition of Rs. 1,19,15,350. The Court held that Section 40(a)(ia) covers both payable and paid amounts, contrary to the CIT(A)'s reliance on prior judgments. Additionally, the Court upheld that amendments are not retrospective unless expressly stated, rejecting the CIT(A)'s view on the Finance Act, 2012 amendment. The Tribunal did not delve into the reasonableness of payments to relatives under Section 40(A)(2), focusing primarily on the Section 40(a)(ia) issue. Case-Laws Income Tax Fri, 02 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343910