Dismissing the appeal of the revenue the Court held that , The second proviso to S. 40(a)(ia) is beneficial to the assessee and is declaratory and curative in nature. Accordingly, it must be given retrospective effect Followed ,CIT v. Ansal Land Mark Township P Ltd (2015) 377 ITR 635 (Delhi) (HC). Hindustan Coca Cola Beverages P Ltd v. CIT (2007) 293 ITR 226 (SC) (ITA No. 707 of 2016, dt. 07.01.2019)
PCIT v. Perfect Circle India Pvt. Ltd. (Bom)(HC), www.itatonline.org
S. 40(a)(ia): Amounts not deductible – Deduction at source -The second proviso to S. 40(a)(ia) is beneficial to the assessee and is declaratory and curative in nature. Accordingly, it must be given retrospective effect.[ S.201(1) ]