Income-tax amendment defers interest on penalty demands until appellate orders, clarifies 1% monthly interest on unpaid notices. Unpaid amounts in a notice of demand attract simple interest at 1% per month from the day after the specified period until payment; the Assessing Officer may grant instalments or time extensions. Interest is not charged on penalty-related demands until the relevant appellate or review orders are passed, including where assessments follow Dispute Resolution Panel directions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income-tax amendment defers interest on penalty demands until appellate orders, clarifies 1% monthly interest on unpaid notices.
Unpaid amounts in a notice of demand attract simple interest at 1% per month from the day after the specified period until payment; the Assessing Officer may grant instalments or time extensions. Interest is not charged on penalty-related demands until the relevant appellate or review orders are passed, including where assessments follow Dispute Resolution Panel directions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
