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February 2015

Interest- Ss. 234A, 234B and 234C- A. Y. 1990- 91- Order levying interest should be specific- Order directing levy of interest as per rules is not sufficient

By K. B. Bhujle Advocate
Reading Time 1 mins
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CIT vs. Oswal Exports; 369 ITR 630 (T&AP):

If interest is leviable u/s. 234A, 234B or 234C, such levy of interest is mandatory and compensatory in nature but in order to levy interest under these sections, the Assessing Officer is specifically required to mention the specific section of charging interest, failing which, no interest could be levied under those sections.

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