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1 - 7 of 7 (0.20 seconds)Section 68 in The Income Tax Act, 1961 [Entire Act]
Section 43CA in The Income Tax Act, 1961 [Entire Act]
The Finance Act, 2018
Section 69C in The Income Tax Act, 1961 [Entire Act]
Smt. Cheryl Maria Fernandes, Mumbai vs Ito (It)-2(3)(1), Mumbai on 15 January, 2021
(d) As per Finance Act 2020, the buffer of 5% qua S. 43CA was
further enhanced to 10%. Taking support of such relaxations
in later enactments, the assessee contends that the
relaxations were given in applicability of Section 43CA b y
Finance Act 2018 and Finance Act 2020 to mitigate the
undue and intended hardships faced by the taxpayers and is
thus curative in nature; hence retrospective in operation and
thus equally applicable to Assessment Year 2016-17 in
question with same force. For such interpretation, reliance
was placed on the decision of the Co-ordinate bench of the
Tribunal in the case of M/s. Faber Construction Vs. ACIT in
ITA No. 198/Mum/2019. Another reference was to decision in
the case of Maria Fernandes Cheryl Vs ITO (2021) 187 ITD
738 (Mum) rendered albeit in the context Section 50C of the
Act.
M/S. Feber Construction,, Mumbai vs Acit-21(1),, Mumbai on 12 March, 2020
(d) As per Finance Act 2020, the buffer of 5% qua S. 43CA was
further enhanced to 10%. Taking support of such relaxations
in later enactments, the assessee contends that the
relaxations were given in applicability of Section 43CA b y
Finance Act 2018 and Finance Act 2020 to mitigate the
undue and intended hardships faced by the taxpayers and is
thus curative in nature; hence retrospective in operation and
thus equally applicable to Assessment Year 2016-17 in
question with same force. For such interpretation, reliance
was placed on the decision of the Co-ordinate bench of the
Tribunal in the case of M/s. Faber Construction Vs. ACIT in
ITA No. 198/Mum/2019. Another reference was to decision in
the case of Maria Fernandes Cheryl Vs ITO (2021) 187 ITD
738 (Mum) rendered albeit in the context Section 50C of the
Act.
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