https://www.taxtmi.com/caselaws?id=67624 The Tribunal overturned the CIT(A)'s decision and upheld the Assessing Officer's ruling, denying the allowance of interest on interest under section 214 for the assessment year 1973-74. The Tribunal emphasized the absence of statutory provisions and legal basis for granting interest on interest, citing precedents and highlighting that equitable grounds do not grant authority for such relief. The Cross Objection by the assessee challenging interest granted under section 214 was dismissed, affirming the department's assessment up to the relevant date. en-us Mon, 09 Aug 2004 00:00:00 +0530 Sat, 12 Mar 2011 10:07:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67624 The Tribunal overturned the CIT(A)'s decision and upheld the Assessing Officer's ruling, denying the allowance of interest on interest under section 214 for the assessment year 1973-74. The Tribunal emphasized the absence of statutory provisions and legal basis for granting interest on interest, citing precedents and highlighting that equitable grounds do not grant authority for such relief. The Cross Objection by the assessee challenging interest granted under section 214 was dismissed, affirming the department's assessment up to the relevant date. Case-Laws Income Tax Mon, 09 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67624