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of <h1>CBDT Circular: Uncharged Interest Must Follow Section 263 for Remedial Action, Separate from Assessment Proceedings.</h1> The circular from the Central Board of Direct Taxes (CBDT) addresses the issue of uncharged interest under sections 139(8), 215, 216, 217(1), and 217(1A) of the Income-tax Act, 1961, which has resulted in revenue loss. It clarifies that remedial action should be taken under section 263, not sections 35 or 154. The Ministry of Law advises that interest proceedings are separate from assessment proceedings, and interest can only be charged after tax quantification. The Board instructs that interest orders should accompany assessment orders, and if omitted, remedial action or separate proceedings should be initiated with a show cause notice to the taxpayer.
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