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In respect of the A. Y. 2008-09, the Tribunal allowed the assessee’s claim that no disallowance u/s. 40(a) (ia) should be made in view of the amendment of section 40(a)(ia) by the Finance Act, 2010.
In appeal, the Revenue contended that the amendment is w.e.f 01-04-2010 and is not
retrospective, and accordingly, the amendment is not applicable for the A. Y. 2008-09. The Delhi High Court upheld the decision of the Tribunal and held as under:
“The Tribunal was justified in holding that the amendment made to section 40(a)(ia) by the Finance Act, 2010 should be given retrospective effect and applicable to A. Y. 2008-09 in question”
