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2014 (4) TMI 1275 - SC ORDERDispute between Income tax department and statutory Board under the provisions of Chandigarh Administration - Payment of tax by the Chandigarh Housing Board to the Income Tax Department - HELD THAT:- A sum of ₹ 278 crores, which was deposited by the Chandigarh Housing Board in the Government treasury, is agreed to be adjusted in Income Tax head and it is treated as final insofar as liability of Income Tax is concerned. Having regard to the settlement reached between the parties, it is clear that the dispute regarding payment of tax by the Chandigarh Housing Board to the Income Tax Department stands resolved. It is further agreed that no penalty proceeding would be initiated against the Chandigarh Housing Board. However, it is also stated that the decision in this regard can further be taken only by the competent Income Tax authority.
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