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1 - 10 of 15 (0.27 seconds)Section 40 in Finance Act, 2012 [Entire Act]
Finance Act, 2012
Section 43B in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 139 in Finance Act, 2012 [Entire Act]
Section 201 in The Income Tax Act, 1961 [Entire Act]
Section 40 in Finance Act, 2013 [Entire Act]
Commr.Of Income Tax vs M/S Alom Extructions Limited on 25 November, 2009
12. We are of the view that the reasoning of the Hon'ble Supreme Court in the case of
Alom Extrusions Ltd(supra) will equally to the amendment to Sec.40(a)(ia) of the Act
whereby a second proviso was inserted in sub-clause (ia) of clause (a) of Section 40
by the Finance Act, 2012, w.e.f. 1-4-2013. The provisions are intended to remove
hardship. It was argued on behalf of the revenue that the existing provisions allow
deduction in the year of payment and to that extent there is no hardship. We are of the
view that the hardship in such an event would be taxing an Assessee on a higher
income in one year and taxing him on lower income in a subsequent year. To the
extent the Assessee is made to pay tax on a higher income in one year, there would
still be hardship.