https://www.taxtmi.com/caselaws?id=61735 The Appellate Tribunal ITAT Cochin addressed the disallowance of interest charged under the Income-tax Act, 1961, claimed as a debt by the assessee. The Tribunal held that interest demanded under specific sections of the Act automatically becomes payable upon defaults, qualifying as a debt owed by the assessee. It rejected the argument that interest lacked a charge, emphasizing that interest alongside taxes constitutes a debt. The Tribunal directed the Wealth-tax Officer to determine the interest amount qualifying as a debt based on specific principles, ultimately partially allowing the appeals in favor of the assessee. en-us Wed, 28 Sep 1983 00:00:00 +0530 Fri, 14 Jan 2011 15:59:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61735 The Appellate Tribunal ITAT Cochin addressed the disallowance of interest charged under the Income-tax Act, 1961, claimed as a debt by the assessee. The Tribunal held that interest demanded under specific sections of the Act automatically becomes payable upon defaults, qualifying as a debt owed by the assessee. It rejected the argument that interest lacked a charge, emphasizing that interest alongside taxes constitutes a debt. The Tribunal directed the Wealth-tax Officer to determine the interest amount qualifying as a debt based on specific principles, ultimately partially allowing the appeals in favor of the assessee. Case-Laws Income Tax Wed, 28 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61735