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2002 (11) TMI 17 - HC - Income TaxPenal interest to the first default of non-compliance of the provisions of section 42(1) of the Reserve Bank of India Act or the non-compliance of the provisions of section 24(1) of the Banking Regulation Act - whether the Tribunal is right in law in holding that the rate of penal interest the assessee has to pay under the relevant banking law is interest only and not penalty. In other words, the question is as to whether the payment of penal interest under the banking laws is for the infraction of law – Held that such penal interest cannot be treated as penalty for infraction of law
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