https://www.taxtmi.com/caselaws?id=406913 The High Court, following Supreme Court precedent, ruled in favor of the assessee regarding disallowance under Section 40(a)(ia) for non-deduction of tax at source on transport charges. The Court held that the amendment introduced by the Finance Act, 2010 should be applied retrospectively from the assessment year 2005-06. The Court emphasized that the legislative intent was not punitive but aimed at ensuring tax compliance and allowing additional time for TDS deposit to prevent disallowance. Consequently, the Tax Case Appeal was dismissed in favor of the assessee with no costs. en-us Fri, 19 Mar 2021 00:00:00 +0530 Fri, 02 Jul 2021 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406913 The High Court, following Supreme Court precedent, ruled in favor of the assessee regarding disallowance under Section 40(a)(ia) for non-deduction of tax at source on transport charges. The Court held that the amendment introduced by the Finance Act, 2010 should be applied retrospectively from the assessment year 2005-06. The Court emphasized that the legislative intent was not punitive but aimed at ensuring tax compliance and allowing additional time for TDS deposit to prevent disallowance. Consequently, the Tax Case Appeal was dismissed in favor of the assessee with no costs. Case-Laws Income Tax Fri, 19 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406913