https://www.taxtmi.com/caselaws?id=64010 The case involved issues of interest levy under section 234B, bona fide belief regarding exemption under section 10(29), applicability of precedent in J.K. Synthetics Ltd. v. CTO, and the mandatory nature of section 234B. The majority opinion ruled in favor of the assessee, absolving them from liability for interest under section 234B due to their genuine belief in exemption, supported by past assessments and legal decisions. The dissenting view emphasized the mandatory nature of section 234B but was overruled by a Third Member, leading to the appeal being allowed in favor of the assessee. en-us Tue, 25 Jul 2000 00:00:00 +0530 Fri, 08 Jan 2016 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64010 The case involved issues of interest levy under section 234B, bona fide belief regarding exemption under section 10(29), applicability of precedent in J.K. Synthetics Ltd. v. CTO, and the mandatory nature of section 234B. The majority opinion ruled in favor of the assessee, absolving them from liability for interest under section 234B due to their genuine belief in exemption, supported by past assessments and legal decisions. The dissenting view emphasized the mandatory nature of section 234B but was overruled by a Third Member, leading to the appeal being allowed in favor of the assessee. Case-Laws Income Tax Tue, 25 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64010