COMMISSIONER OF INCOME TAX Vs. NARESH KUMAR

JUDGEMENT

(1.) THESE two appeals by Revenue under Section 260A of the Income Tax Act (Act, for short) in the case of Naresh Kumar and M/s Talbros (P) Ltd. relate to a common assessment year 2008-09, and raise a common question and, therefore, being disposed of by this common judgment at the stage of admission.

(2.) THE contention of the Revenue is that the Income Tax Appellate Tribunal (Tribunal, for short) in their impugned orders dated 21st May, 2012 (in the case of Naresh Kumar) and 8th October, 2012 (in the case of Talbros (P) Ltd.), has erred in holding that the amendments made to Section 40(a)(ia) of the Act by Finance Act, 2010 should be given retrospective effect. The contention of the Revenue is that these amendments are w.e.f. 1st April, 2010 and are not retrospective and, therefore, not applicable to the assessment year in question i.e. 2008-09. Section 40(a)(ia) was inserted with effect from 1st April, 2005

(3.) SECTION 40(a)(ia) as amended by Finance Act, 2010, we.f. 1st April, 2010 and now reads: