2023 (6) TMI 482

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....ction 143(3) r.w.s. 263 of the Income Tax Act, 1961 (hereinafter referred as to 'the Act') for Assessment Year 2012-13. 2. We have heard the rival submissions made by the respective parties and we have also perused the relevant materials available on record. 3. The deletion of addition of Rs. 11,85,187/- made on account of disallowance of interest expenses under Section 40(a)(ia) of the Act is subject matter before us. 4. The brief facts leading to the case is this that the assessee filed its return of income on 29.09.2012 declaring total loss at Rs. 54,77,546/-, which was finalized under Section 143(3) of the Act on 29.12.2014 determining total loss at Rs. 52,45,628/-. Subsequently, notice under Section 263 of the Act was issued a....

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....r Section 40(a)(ia) of the Act can be made by the Ld. AO in view of the 2nd Proviso to Section 40(a)(ia) r.w.s. First Proviso to Section 201(1) of the Act. Apart from that it was contended by the assessee that the 2nd Proviso to Section 40(a)(ia) of the Act inserted by Finance Act, 2012 and on furnishing of certificate in Form 26A as prescribed under Proviso to Section 201(1) r.w. Rule 31ACB of IT Rules, no disallowance under Section 40(a)(ia) of the Act can be made. In fact, the 2nd Proviso to Section 40(a)(ia) of the Act has been inserted in the statute by the Finance Act, 2012 w.e.f. 01.04.2013 having retrospective effect from 01.04.2005. Keeping in view of this particular aspect of matter, the Ld. CIT(A) passed the following order while....