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2008 (1) TMI 555 - KERALA HIGH COURTRectification of Mistake- the assessee claimed deduction of Rs.16,60,165 towards interest payable to the KSIDC, it is made clear that the amount was not paid on account of instalment facility granted by the KSIDC. Consequently, the claim was not allowable by virtue of section 43B of the Income-tax Act. The assessee does not dispute this position. Since the claim was prima facie inadmissible by virtue of operation of section 43B, the Assessing Officer issued proceedings under section 143(1) (a) computing tax liability including additional tax payable under section 143(1A) of the Act. An application for rectification was rejected by the assessing officer but the Commissioner (Appeals) allowed it and the Tribunal dismissed the department appeal. Held that- by the assessee’s own statement, part payment was made on June 25, 1991, and qualified for deduction even under the proviso to section under section 143(1)(a) limiting the addition to the extent of the amount not paid till the due date filing the return.
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