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Case Law Details

Case Name : Commissioner of Income Tax Vs  Chettinad Cement Corporation Ltd. (High Court Madras)
Related Assessment Year : 2001-02
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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 reaso

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