https://www.taxtmi.com/caselaws?id=427410 The Tribunal ruled in favor of the assessee, stating that the retrospective amendment by the Finance Act, 2010, could not impose a tax deduction obligation on the assessee for the assessment year 2008-2009 under Section 40(a)(i) of the Income Tax Act. The Tribunal also held that it could not revisit the allowability of expenditure under Section 37(1) since the lower authorities had implicitly accepted it by invoking Section 40(a)(i). As a result, the appeals were partly allowed in favor of the assessee. en-us Tue, 06 Sep 2022 00:00:00 +0530 Wed, 07 Sep 2022 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427410 The Tribunal ruled in favor of the assessee, stating that the retrospective amendment by the Finance Act, 2010, could not impose a tax deduction obligation on the assessee for the assessment year 2008-2009 under Section 40(a)(i) of the Income Tax Act. The Tribunal also held that it could not revisit the allowability of expenditure under Section 37(1) since the lower authorities had implicitly accepted it by invoking Section 40(a)(i). As a result, the appeals were partly allowed in favor of the assessee. Case-Laws Income Tax Tue, 06 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427410