https://www.taxtmi.com/caselaws?id=238726 The Court held that the amount retained by the authorities could not be treated as the assessee's income despite being assessed on an accrual basis, based on precedent. Additionally, the Court ruled that interest under Section 234-B of the Income Tax Act was not chargeable on the deduction claimed under Section 80-IA, as the assessee had a genuine belief in the availability of the deduction, and the retrospective amendment that disallowed it could not have been foreseen. The Court upheld the decisions of the lower authorities, dismissing the revenue's appeal on both issues. en-us Tue, 22 Oct 2013 00:00:00 +0530 Wed, 30 Oct 2013 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238726 The Court held that the amount retained by the authorities could not be treated as the assessee's income despite being assessed on an accrual basis, based on precedent. Additionally, the Court ruled that interest under Section 234-B of the Income Tax Act was not chargeable on the deduction claimed under Section 80-IA, as the assessee had a genuine belief in the availability of the deduction, and the retrospective amendment that disallowed it could not have been foreseen. The Court upheld the decisions of the lower authorities, dismissing the revenue's appeal on both issues. Case-Laws Income Tax Tue, 22 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238726