Supreme Court favors assessee in interest charging dispute under Income Tax Act.

The Supreme Court ruled in favor of the assessee in a batch of civil appeals involving the charging of interest under Section 234B of the Income Tax Act, 1961. The Court dismissed the civil appeals filed by the Department based on a previous judgment.

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The Supreme Court heard both sides in a batch of civil appeals and granted leave. A common question of law arose regarding charging interest under Section 234B of the Income Tax Act, 1961. The Court ruled in favor of the assessee based on a previous judgment, resulting in the dismissal of the civil appeals filed by the Department.

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