2022 (11) TMI 1337

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....CH : This an appeal filed by the assessee against the order of the ld. CIT(A)-1, Bhubaneswar, dated 16.05.2018, passed in I.T.Appeal No.0330/16-17 for the assessment year 2014-2015. 2. This appeal had originally been disposed off by the coordinate Bench of this Tribunal vide order dated 26.11.2019, wherein it was held that the amendment to Section 40(a)(ia) of the Act by the Finance Act (No.2) ....

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....he decision of the Hon'ble Supreme Court in the case of Shree Choudhary Transport Company (supra), nowhere mentions that the Hon'ble Supreme Court has treated the amendment made to Section 40(a)(ia) of the Act by the Finance (No.2) Act, 2014 was not retrospective in operation. It was the submission that a perusal of the said paragraph categorically showed that the Hon'ble Supreme Court had in that....

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....ion that the disallowance is liable to be restricted to 30%. 5. In reply, the ld. DR vehemently supported the orders of the ld. AO and ld. CIT(A). It was the submission that the decision of the Hon'ble Supreme Court in the case of Shree Choudhary Transport Company, referred to supra, though did not directly hold that the amendment brought by the Finance (No.2) Act, 2014 into the Section 40(a)(ia)....

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....0%, thus, clearly the amendment was brought in to remove the hardship caused to the assessee. In these circumstances, respectfully following the decision of the various coordinate benches of the Tribunal on this issue, referred to supra, as also the principle laid down by the Larger Bench of the Hon'ble Supreme Court (Constituted by the Five Hon'ble Judges) in the case of Vatika Township (P.) Ltd.....