TMI Blog2008 (9) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... hat 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 - 448 of 2003 with 3125 of 2006 - - - Dated:- 17-9-2008 - ASHOK BHAN and V.S. SIRPURKAR JJ. P.V. She ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the return. Though the returned income was accepted on 29th January 1998, yet interest was charged under the provisions of Section 234A of the Income-tax Act, 1961 (for short 'the Act') on the ground that the tax paid on 25th September 1995 could not be reduced from the tax due on assessment. Being aggrieved, the assessees filed revision petition under Section 264 of the Act on 09th November19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n a case, where tax has not been deposited prior to the due date of filing of the income-tax return. 4. The revenue has challenged the aforesaid decision by filing a Special Leave Petition before this Court wherein leave was granted on 20th January 2003. 5. Having heard counsel on both sides, we entirely agree with the finding recorded by the High Court as also the interpretation of Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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