https://www.taxtmi.com/caselaws?id=253919 The court dismissed the preliminary objection raised by the assessee regarding the minimal tax/interest effect governed by CBDT circulars, emphasizing that once a reference is admitted, it must be decided on its merits irrespective of the tax effect. Additionally, the court held that interest under Sections 139(8), 215, and 220(2) of the Income Tax Act was rightly levied by the revenue, rejecting the Tribunal's decision to the contrary. The court ruled in favor of the revenue, confirming the assessee's liability for interest under the specified sections of the IT Act. en-us Wed, 12 Nov 2014 00:00:00 +0530 Mon, 08 Dec 2014 09:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253919 The court dismissed the preliminary objection raised by the assessee regarding the minimal tax/interest effect governed by CBDT circulars, emphasizing that once a reference is admitted, it must be decided on its merits irrespective of the tax effect. Additionally, the court held that interest under Sections 139(8), 215, and 220(2) of the Income Tax Act was rightly levied by the revenue, rejecting the Tribunal's decision to the contrary. The court ruled in favor of the revenue, confirming the assessee's liability for interest under the specified sections of the IT Act. Case-Laws Income Tax Wed, 12 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253919