{"id":58115,"date":"2026-01-10T09:54:36","date_gmt":"2026-01-10T04:24:36","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-asphalt-india-corporation-2024-167-taxmann-com-460-bom-hc\/"},"modified":"2026-01-10T09:54:36","modified_gmt":"2026-01-10T04:24:36","slug":"pcit-v-asphalt-india-corporation-2024-167-taxmann-com-460-bom-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-asphalt-india-corporation-2024-167-taxmann-com-460-bom-hc\/","title":{"rendered":"PCIT v. Asphalt India Corporation [2024] 167 taxmann.com 460 (Bom.)(HC)"},"content":{"rendered":"<p>On appeal by the revenue, the High Court held that the amendment to S. 40(a)(ia) by the Finance Act, 2014, which reduced the disallowance for late deposit of TDS from 100 per cent to 30 per cent, is a substantive change and not a curative one. Following the Supreme Court&#8217;s ruling in<em> Shree<\/em> <em>Choudhary Transport Company v. ITO [2020] 426 ITR 289 (SC),<\/em> the Court held that the amendment operates prospectively and cannot be applied to earlier assessment years. Therefore, for the assessee\u2019s default, the entire expenditure was to be disallowed, and the benefit of the reduced 30 per cent disallowance was not available. Order of Tribunal set aside.\u00a0\u00a0 (AY. 2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 40(a)(ia) : Amounts not deductible-Deduction at source-Amendment by Finance Act, 2014 restricting disallowance to 30 per cent held to be prospective-Assessee\u2019s default, the entire expenditure was to be disallowed, and the benefit of the reduced 30 per cent disallowance was not available-Order of Tribunal set aside. [S. 260A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-58115","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-f7l","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=58115"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58115\/revisions"}],"predecessor-version":[{"id":58116,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58115\/revisions\/58116"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=58115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=58115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=58115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}