Case Law Details
CIT Vs Chettinad Cement Corporation Ltd. (High Court Madras)
n order to get over the legal embargo which permitted such expense to be allowable as a deduction, the Income Tax Act was amended and Section 35DDA was introduced by Finance Act, 2001 w.e.f 01.04.2001. Thus, in our considered view, the Tribunal was justified in setting aside the penalty levied on the assessee on account of the fact that the assessee had acted in terms of the law prevailing at the relevant point of time. Thus, for the above reasons the Revenue has not made out any grounds to interfere with the order passed by the Tribunal.
FULL TEXT OF THE HIGH COURT JUDGMENT / ORDER IS AS FOLLOWS:
This appeal filed by the Revenue, under Section 260-A of Income Tax Act, 1961 (herein after “the Act” for the sake of brevity) is directed against the order passed by the Income Tax Appellate Tribunal ‘A’ Bench in ITA No. 2335/Mds/2006, dated 30.11.2007 for the assessment year 2001 to 2002.
2.The appeal has been admitted, vide order dated 20.08.2008, on the following substantial question of law:
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