https://www.taxtmi.com/caselaws?id=66470 The Tribunal upheld the Commissioner's jurisdiction to invoke section 263 for the non-levy of interest under section 215, emphasizing the importance of proper assessment and levy of interest to safeguard revenue interests. The appeal was dismissed, citing precedents and highlighting the discretionary power of the ITO to waive or reduce interest under section 215. The judgment clarified that the Commissioner can revise assessments made by the IAC and deemed the non-levy of interest as erroneous and prejudicial to revenue, in line with established legal principles. en-us Mon, 18 Mar 1985 00:00:00 +0530 Thu, 24 Feb 2011 18:21:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66470 The Tribunal upheld the Commissioner's jurisdiction to invoke section 263 for the non-levy of interest under section 215, emphasizing the importance of proper assessment and levy of interest to safeguard revenue interests. The appeal was dismissed, citing precedents and highlighting the discretionary power of the ITO to waive or reduce interest under section 215. The judgment clarified that the Commissioner can revise assessments made by the IAC and deemed the non-levy of interest as erroneous and prejudicial to revenue, in line with established legal principles. Case-Laws Income Tax Mon, 18 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66470