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2006 (1) TMI 108 - ALLAHABAD HIGH COURTInterest Tax Act, 1974 - penalty imposed under the Interest-tax Act by the assessing authority has been set aside - we do not find any force in argument of revenue that the tax would be charged on the difference of the chargeable amount as against the amount so disclosed in the return and as determined by the assessing authority - The argument appears to be based on some misconception – the view taken by the two appellate authorities that the provisions of section 271(1)(c) of the Income-tax Act or the Explanation attached to section 148 of the Income-tax Act which is a separate and independent Act could not have been invoked for the purpose of levying penalty under the Interest tax Act, does not suffer from any illegality – revenue’s appeal is dismissed
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