https://www.taxtmi.com/caselaws?id=212874 The court upheld Ext.P3, the Chief Commissioner of Income Tax's order, in a case concerning the waiver of interest under Section 234B of the Income Tax Act for the assessment year 1996-97. Despite the petitioner's arguments regarding interest earned on borrowed funds, the court relied on the precedent established in Collis Lines (P) Ltd. vs. ITO and Tuticorin Alkali Chemicals and Fertilizers Ltd. vs. CIT. The petitioner's failure to meet the legal standards set by the Apex Court led to the dismissal of the writ petition without costs. en-us Mon, 13 Jun 2011 00:00:00 +0530 Sat, 28 Apr 2012 09:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212874 The court upheld Ext.P3, the Chief Commissioner of Income Tax's order, in a case concerning the waiver of interest under Section 234B of the Income Tax Act for the assessment year 1996-97. Despite the petitioner's arguments regarding interest earned on borrowed funds, the court relied on the precedent established in Collis Lines (P) Ltd. vs. ITO and Tuticorin Alkali Chemicals and Fertilizers Ltd. vs. CIT. The petitioner's failure to meet the legal standards set by the Apex Court led to the dismissal of the writ petition without costs. Case-Laws Income Tax Mon, 13 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212874