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The principal questions arising for determination in this appeal are as follows-1.As to whether Section 194C of the Act does not apply to the present case? 2.As to whether disallowance under section 40(a)(ia) of the Act is confined/limited to the amount "payable" and not to the amount "already paid"; and whether the decision of this Court inPalam Gas Servicev.Commissioner of Income-Tax[2017]394 ITR 300requires reconsideration?

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Sec. 194C of the Income-tax Act, 1961 - TDS - The purpose of the amendment made by the Finance Act, 2010 is to solve the anomalies that the insertion of section 40(a)(ia) was causing to the bona fide tax payer. The amendment, even if not given operation retrospectively, may not materially be of consequence to the Revenue when the tax rates are stable and uniform or in cases of big assessees having substantial turnover and equally huge expenses and necessary cushion to absorb the effect. The amendment made by the Finance Act, 2010 being curative in nature is required to be given retrospective operation, i.e., from the date of insertion of the said provision. Thus, having defaulted at every stage, the attempt on the part of assessee-appellant to seek some succor in the amendment of Section 40(a)(ia) of the Act by the Finance (No.2) Act, 2014 could only be rejected as entirely baseless, rather preposterous. Thus, Appeal filed by the Assessee-Appellant dismissed. - SHREE CHOUDHARY TRANSPORT COMPANY V/s ITO - [2020] 315 CTR 849 (SC)

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