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1993 (10) TMI 120 - ITAT CHANDIGARH
Extract:
.......terest could not be charged at all. 18. Looking to the entire facts of the case and keeping in view the peculiar circumstances concerning the entire matter, we are of the view that no interest is chargeable u/s 7C of the Act. Therefore, ground No. 2 succeeds and the levy of interest is cancelled. 19. In the result, the appeal stands partly allowed.