TMI Blog2018 (10) TMI 1602X X X X Extracts X X X X X X X X Extracts X X X X ..... e decision of this Court in Velayudhaswamy Spinning Mills (P) Ltd., Vs. Assistant Commissioner of Income Tax [2010 (3) TMI 860 - MADRAS HIGH COURT] [2010 (3) TMI 860 - MADRAS HIGH COURT]. We may also add that the Tribunal has considered the matter in a proper perspective, took note of the factual position and held that at the relevant point of time there were two interpretations which were poss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt of the fact that the assessee had acted in terms of the law prevailing at the relevant point of time. Thus, for the above reasons the Revenue has not made out any grounds to interfere with the order passed by the Tribunal. - Appeal decided against revenue - Tax Case No. 1243 of 2008 - - - Dated:- 10-10-2018 - MR. T.S. SIVAGNANAM AND MRS.V.BHAVANI SUBBAROYAN JJ. For Appellant: Mrs. K.G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.757 of 2007. The said appeal was filed challenging the order passed by the Tribunal, which rejected the claim made by the assessee for deduction under Section 80IA(4)(iv) of the Income Tax Act. 4. The said appeal filed by the assessee was clubbed with other appeals filed by another assessee and all the appeals were allowed by a common judgment dated 18.01.2012. The Division Bench while al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uction that can be claimed under Section 80IA(4)(iv). In such circumstances, the Tribunal has rightly held that the case of the assessee cannot be brought within the ambit of concealment and furnishing of inaccurate particulars with deliberate intention, to avoid payment of tax. 6. The other issue is pertaining to the amounts paid to the employees under the Voluntary Retirement Scheme and wheth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Act was amended and Section 35DDA was introduced by Finance Act, 2001 w.e.f 01.04.2001. Thus, in our considered view, the Tribunal was justified in setting aside the penalty levied on the assessee on account of the fact that the assessee had acted in terms of the law prevailing at the relevant point of time. Thus, for the above reasons the Revenue has not made out any grounds to interfere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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