https://www.taxtmi.com/caselaws?id=216704 The ITAT held that the non-resident company, after withdrawing its claim for deduction u/s 80-IB due to a retrospective amendment, was not liable for interest u/s 234B. Relying on legal precedents, including the decision in Director of Income Tax vs. Jacabs Civil Incorporated, the ITAT dismissed the Revenue's appeal and upheld the relief granted by the CIT (A) to the assessee. The judgment emphasized that the assessee's liability for interest u/s 234B was negated by the retrospective nature of the amendment to section 80-IB. en-us Tue, 03 Jul 2012 00:00:00 +0530 Tue, 18 Sep 2012 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216704 The ITAT held that the non-resident company, after withdrawing its claim for deduction u/s 80-IB due to a retrospective amendment, was not liable for interest u/s 234B. Relying on legal precedents, including the decision in Director of Income Tax vs. Jacabs Civil Incorporated, the ITAT dismissed the Revenue's appeal and upheld the relief granted by the CIT (A) to the assessee. The judgment emphasized that the assessee's liability for interest u/s 234B was negated by the retrospective nature of the amendment to section 80-IB. Case-Laws Income Tax Tue, 03 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216704