https://www.taxtmi.com/caselaws?id=66350 The Tribunal allowed the appeal, canceling the levy of interest under section 201(1A) of the IT Act. The case centered on the timing of the credit entry for interest to creditors, emphasizing that tax liability arises at the time of credit. Despite initial rulings upholding the interest levy, the Tribunal considered the delayed credit entry due to search operations and accepted the assessee's explanation. As the tax on the interest was paid promptly after the credit entry, the Tribunal concluded that no interest was payable, highlighting the significance of the actual credit date for tax obligations. en-us Fri, 18 May 1990 00:00:00 +0530 Wed, 23 Feb 2011 17:02:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66350 The Tribunal allowed the appeal, canceling the levy of interest under section 201(1A) of the IT Act. The case centered on the timing of the credit entry for interest to creditors, emphasizing that tax liability arises at the time of credit. Despite initial rulings upholding the interest levy, the Tribunal considered the delayed credit entry due to search operations and accepted the assessee's explanation. As the tax on the interest was paid promptly after the credit entry, the Tribunal concluded that no interest was payable, highlighting the significance of the actual credit date for tax obligations. Case-Laws Income Tax Fri, 18 May 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66350