Interest charging obligations require strict compliance when issuing recovery certificates and collecting post certificate interest for outstanding tax demands. Directs strict compliance with Rules 118 and 119 of the Income tax Rules, 1962: Income tax Officers must calculate and indicate interest when issuing recovery certificates, Tax Recovery Officers must collect interest accruing after certificate issuance until recovery, and Inspecting Assistant Commissioners must carry out half yearly reviews to ensure year end interest charging, correct interest calculation up to payment, inclusion of interest in certificates, and collection of accrued interest, with reports sent to the Board.
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Provisions expressly mentioned in the judgment/order text.
Interest charging obligations require strict compliance when issuing recovery certificates and collecting post certificate interest for outstanding tax demands.
Directs strict compliance with Rules 118 and 119 of the Income tax Rules, 1962: Income tax Officers must calculate and indicate interest when issuing recovery certificates, Tax Recovery Officers must collect interest accruing after certificate issuance until recovery, and Inspecting Assistant Commissioners must carry out half yearly reviews to ensure year end interest charging, correct interest calculation up to payment, inclusion of interest in certificates, and collection of accrued interest, with reports sent to the Board.
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