Issue: - Provisions of Sec 40(a)(ia) and it’s retrospective application 

CIT vs Calcutta Export Compan ¹ - Supreme Court 

Facts: - Assessee is a partnership firm and claimed export commission charges on which TDS was deducted but paid the same after the end of previous year 2004-05i.e. beyond the time limit mentioned in sec 201(1) of the Act. 

The AO has disallowed the export commission as TDS should have paid before the end of the previous year 2004-05 as per the provisions of Sec 40(a)(ia) as stood then. 

Assessee has filed an appeal against order of AO and CIT(A) has allowed appeal as result the export commission was allowed as deduction. 

Revenue filed appeal against order of CIT(A) before Tribunal, which was dismissed. Revenue further appealed before High Court. The honorable High Court dismissed appeal. Finally, an appeal was filed before the honorable Supreme Court. 

Read more: Important Recent Judgments

Key Topics Covered:

• GST
• INTERNATIONAL TAXATION

Key Topics Covered:

• DIRECT TAX
• INTERNATIONAL TAXATION
• SEBI

Contents:

1. Applicability 
2. Definitions 
3. Opening Ind AS Balance Sheet 
4. Retrospective Application of Ind AS 
5. Exemption from Retrospective Application of Ind AS