RPC fee paid by Formula One not liable to be disallowed; Second proviso to S. 40(a)(i) be given retrospective effect: ITAT
ITAT held that the second proviso to Clause (i) of Section 40(a) just like second proviso to clause (ia) of Section 40(a) was inserted to remove an anomaly and were therefore curative and declaratory in nature. Hence, it had to be given retrospective effect.