Section 14A Amendment Clarification Is Not Retrospective If It Alters Existing Law: ITAT [Read Order]
The tribunal dismissed the Revenue's grounds on Section 14A, remitted the matter to the Assessing Officer for share purchase verification under Section 94(7), and partly allowed the appeal, ensuring the assessee a reasonable opportunity for hearing
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the amendment to Section 14A of the Income tax Act, 1961 which aimed to clarify the law, cannot be applied retrospectively if it alters existing law. The Revenue filed an appeal against the order passed by the Commissioner of Income Tax(Appeals)[CIT(A)] for…
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