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1968 (10) TMI 20 - HC - Income TaxAssessee was granted instalments for payment of tax subject to payment of interest @ 5% on the unpaid balance - notices of demand issued to the petitioner under section 156 of the Act based on interest computed at the rate of six per cent. per annum on the unpaid amount of tax in each case is quashed. The respondent is restrained from demanding or recovering interest from the petitioner on the unpaid balance of tax at a rate higher than five per cent.
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