https://www.taxtmi.com/caselaws?id=214706 The court held that the penalty under Section 13 of the Interest Tax Act, 1974, imposed by the Assessing Officer was justified. It ruled that there was no honest or bona fide difference of opinion regarding the interpretation of "interest" under Section 2(7) of the Act. The court found that mens rea is not required for civil penalties under the Act and dismissed the reliance on Circular No. 647 dated 22nd March, 1993. The tribunal's decision to delete the penalty was overturned, and the matter was remitted for further consideration. en-us Thu, 05 Jul 2012 00:00:00 +0530 Thu, 12 Jul 2012 09:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214706 The court held that the penalty under Section 13 of the Interest Tax Act, 1974, imposed by the Assessing Officer was justified. It ruled that there was no honest or bona fide difference of opinion regarding the interpretation of "interest" under Section 2(7) of the Act. The court found that mens rea is not required for civil penalties under the Act and dismissed the reliance on Circular No. 647 dated 22nd March, 1993. The tribunal's decision to delete the penalty was overturned, and the matter was remitted for further consideration. Case-Laws Income Tax Thu, 05 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214706