https://www.taxtmi.com/caselaws?id=396901 The High Court dismissed the Revenue's appeal against the ITAT order for assessment year 2005-06, interpreting Section 40(a)(ia) amendment retrospectively from its insertion date. Relying on precedent, the Court held that the amendment aimed to rectify anomalies for bona fide taxpayers, warranting a liberal and equitable interpretation. Consequently, the assessee could claim the benefit of the amendment, leading to the dismissal of the appeal and upholding of the ITAT order. The decision emphasized preventing unintended consequences for taxpayers and did not award costs. en-us Mon, 13 Jul 2020 00:00:00 +0530 Tue, 26 May 2026 18:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396901 The High Court dismissed the Revenue's appeal against the ITAT order for assessment year 2005-06, interpreting Section 40(a)(ia) amendment retrospectively from its insertion date. Relying on precedent, the Court held that the amendment aimed to rectify anomalies for bona fide taxpayers, warranting a liberal and equitable interpretation. Consequently, the assessee could claim the benefit of the amendment, leading to the dismissal of the appeal and upholding of the ITAT order. The decision emphasized preventing unintended consequences for taxpayers and did not award costs. Case-Laws Income Tax Mon, 13 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396901