https://www.taxtmi.com/caselaws?id=67501 The tribunal upheld the legality of charging interest under section 215 of the Income-tax Act, 1961, amounting to Rs. 5,01,855, dismissing the appeal and confirming the interest charge. The retrospective amendment in section 80J increased the assessee's income, justifying the interest. No show-cause notice was required before charging interest under section 215, and the amendments to section 215(3) were deemed prospective but inapplicable to the case. The interest charged was considered compensatory, and the assessee could seek waiver or reduction from the authorities if sufficient cause was shown. en-us Wed, 24 Mar 1993 00:00:00 +0530 Thu, 10 Mar 2011 18:52:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67501 The tribunal upheld the legality of charging interest under section 215 of the Income-tax Act, 1961, amounting to Rs. 5,01,855, dismissing the appeal and confirming the interest charge. The retrospective amendment in section 80J increased the assessee's income, justifying the interest. No show-cause notice was required before charging interest under section 215, and the amendments to section 215(3) were deemed prospective but inapplicable to the case. The interest charged was considered compensatory, and the assessee could seek waiver or reduction from the authorities if sufficient cause was shown. Case-Laws Income Tax Wed, 24 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67501