https://www.taxtmi.com/caselaws?id=418128 A curative amendment to section 40(a)(ia) was applied retrospectively, so disallowance for TDS default on colour-work payments could not remain at 100% and was restricted to 30%; the alternate claim under the second proviso failed because Form 26A was not furnished. Interest disallowance under section 36(1)(iii) was deleted because the record showed borrowed funds were substantially used in project work-in-progress and the proposed addition would duplicate amounts already capitalised. The connected interest adjustments were also restored for fresh adjudication because no merits finding had been recorded by the first appellate authority and the issue could be reconsidered on existing facts. en-us Mon, 03 Jan 2022 00:00:00 +0530 Wed, 09 Feb 2022 05:44:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418128 A curative amendment to section 40(a)(ia) was applied retrospectively, so disallowance for TDS default on colour-work payments could not remain at 100% and was restricted to 30%; the alternate claim under the second proviso failed because Form 26A was not furnished. Interest disallowance under section 36(1)(iii) was deleted because the record showed borrowed funds were substantially used in project work-in-progress and the proposed addition would duplicate amounts already capitalised. The connected interest adjustments were also restored for fresh adjudication because no merits finding had been recorded by the first appellate authority and the issue could be reconsidered on existing facts. Case-Laws Income Tax Mon, 03 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418128