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of <h1>Court upholds depreciation decision but rules for revenue on interest under Income Tax Act</h1> <h3>Commissioner of Income Tax, Amritsar Versus M/s. Partap Steel Rolling Mills Pvt. Ltd.</h3> The High Punjab and Haryana Court upheld the depreciation decision but ruled in favor of the revenue regarding the interest charged under the Income Tax ... Whether Tribunal was correct in law in upholding the order of CIT(A) canceling the interest charged u/s 215 - Tribunal set aside the levy of interest only on the ground that opportunity of hearing was not given to the assessee. It is not disputed that the said provision is mandatory and interest is in the nature of compensation and is leviable if advance tax paid was less than 75% of the assessed tax – therefore, question is answered in favour of revenue and against the assessee. The High Punjab and Haryana Court addressed a legal reference regarding depreciation on machinery and interest charged under the Income Tax Act for the assessment year 1982-83. The court upheld the depreciation decision but ruled in favor of the revenue regarding the interest charged, emphasizing the mandatory nature of the provision. The reference was disposed of accordingly.
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