Levy of statutory interest must accompany assessments; omission requires revision or separate show cause interest proceedings. Omissions to charge statutory interest are distinct from assessment proceedings: levy of interest is mandatory but capable of reduction or waiver only under prescribed conditions and after tax quantification. Where omission occurs, interest should be ordered with the assessment; if revision under section 263 applies, remedial action should be taken, and if not, separate proceedings with a show cause notice must be initiated to consider waiver or reduction.
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.
Levy of statutory interest must accompany assessments; omission requires revision or separate show cause interest proceedings.
Omissions to charge statutory interest are distinct from assessment proceedings: levy of interest is mandatory but capable of reduction or waiver only under prescribed conditions and after tax quantification. Where omission occurs, interest should be ordered with the assessment; if revision under section 263 applies, remedial action should be taken, and if not, separate proceedings with a show cause notice must be initiated to consider waiver or reduction.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
