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2003 (2) TMI 24 - HC - Income TaxThe subject matter of challenge in this writ petition is the determination of amount payable by the petitioner under the Kar Vivad Samadhan Scheme, 1998, and a clarification dated January 5, 1999, issued by the member (Legislation) of the Central Board of Direct Taxes. - the petition partly succeeds. The addition of interest in the determination dated February 23, 1999, is set aside. The petitioner is directed to pay 50 per cent. of the penalty in respect of each of the aforesaid four assessment years together with further interest at the rates provided under section 220 of the Income-tax Act commencing from 30 days after February 23, 1999, until the date of payment. It is made clear that in computing the interest statutory modifications if any of section 220 of the Income-tax Act shall be taken into consideration. Such payment is to be made within 30 days from the date hereof.
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