Relief to Hi-Lite Builders: ITAT deletes Retrospective Disallowance by AO u/s 40(a)(ia) [Read Order]

The Cochin Bench of the Income Tax Appellate Tribunal (ITAT) has recently deleted the retrospective application of disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 by the Assessing Officer against the assessee-Hi-Lite Builders Private Limited. The assessee is carrying on business as builder/developer of  residential and commercial complexes. The assessee filed the return …