https://www.taxtmi.com/caselaws?id=185045 The appeal of the Assessee was partly allowed. The Tribunal dismissed the Assessee's claim regarding the disallowance of interest received from banks for securing export credit facilities under section 80HHC. However, the Tribunal ruled in favor of the Assessee regarding the validity of the retrospective amendment act amending section 80HHC and the levy of interest under section 234B based on the retrospective amendment. The Tribunal held that the Assessee could not have foreseen the tax implications of the retrospective amendment, thus exempting them from liability to pay advance tax and interest under section 234B. en-us Tue, 26 Feb 2008 00:00:00 +0530 Thu, 28 Jul 2016 17:42:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185045 The appeal of the Assessee was partly allowed. The Tribunal dismissed the Assessee's claim regarding the disallowance of interest received from banks for securing export credit facilities under section 80HHC. However, the Tribunal ruled in favor of the Assessee regarding the validity of the retrospective amendment act amending section 80HHC and the levy of interest under section 234B based on the retrospective amendment. The Tribunal held that the Assessee could not have foreseen the tax implications of the retrospective amendment, thus exempting them from liability to pay advance tax and interest under section 234B. Case-Laws Income Tax Tue, 26 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185045