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2008 (9) TMI 150 - SC - Income Tax
Levy of interest u/s 234A – HC held that interest would be payable in a case, where tax has not been deposited prior to the due date of filing of the income-tax return. - High Court is justified in holding that that interest is not a penalty and that the interest is levied to compensate the revenue - Since the tax due had already been paid which was not less than the tax payable on the returned income which was accepted, the question of levy of interest does not arise – this appeal is dismissed