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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Interest-tax Authorities Designated Under Section 116 of Income-tax Act to Oversee Credit Institutions' Jurisdiction and Compliance</h1> The Interest-tax Act, 1974 designates the income-tax authorities specified in section 116 of the Income-tax Act as the interest-tax authorities. These authorities exercise powers and perform functions within their jurisdiction, similar to their roles under the Income-tax Act, as determined by orders under section 120 or other provisions. For credit institutions without assessable income under the Income-tax Act, jurisdiction is based on their business location. Section 118 of the Income-tax Act applies to the control of interest-tax authorities, subject to Board notifications. Officers must adhere to Board instructions, but such directives cannot dictate specific case outcomes or interfere with appellate discretion.
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