Mumbai Special Bench: Amendment to section 40(a)(ia) Not retrospective

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Readers were informed in June 2011 about a Mumbai Tribunal decision which held amendment to disallowance u/s 40(a)(ia) by Finance Act 2010 is retrospective . Now this is no good ruling as the Special Bench of Mumbai Tribunal has held otherwise in recent decision in case of  Bharati Shipyard Ltd. vs DCIT [2011] 141 TTJ…