https://www.taxtmi.com/caselaws?id=68700 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal, concluding that no interest under section 201(1A) of the Income Tax Act could be charged from the assessee. It determined that the interest is compensatory, not penal, and should not be imposed when there is no revenue loss, as the payees had either paid their taxes or were entitled to refunds. The decision was influenced by the principle that interest should not be charged beyond the point where no tax is owed by the payees. en-us Fri, 31 Aug 2007 00:00:00 +0530 Sat, 03 Feb 2024 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68700 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal, concluding that no interest under section 201(1A) of the Income Tax Act could be charged from the assessee. It determined that the interest is compensatory, not penal, and should not be imposed when there is no revenue loss, as the payees had either paid their taxes or were entitled to refunds. The decision was influenced by the principle that interest should not be charged beyond the point where no tax is owed by the payees. Case-Laws Income Tax Fri, 31 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68700