https://www.taxtmi.com/caselaws?id=335772 The Allahabad High Court upheld the Income Tax Appellate Tribunal's decision to delete the addition made by the Assessing Officer regarding alleged non-taxable interest for the assessment year 1992-93. The Court ruled that the assessee was not liable to interest tax before 1.10.1991, as per the amendment brought by the Finance Act, 1991. It was held that no interest tax was payable on amounts collected prior to this date, emphasizing adherence to statutory provisions and effective dates of amendments in determining tax liabilities. The judgment favored the assessee, disposing of the appeal without costs incurred. en-us Thu, 08 Dec 2016 00:00:00 +0530 Thu, 08 Dec 2016 21:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335772 The Allahabad High Court upheld the Income Tax Appellate Tribunal's decision to delete the addition made by the Assessing Officer regarding alleged non-taxable interest for the assessment year 1992-93. The Court ruled that the assessee was not liable to interest tax before 1.10.1991, as per the amendment brought by the Finance Act, 1991. It was held that no interest tax was payable on amounts collected prior to this date, emphasizing adherence to statutory provisions and effective dates of amendments in determining tax liabilities. The judgment favored the assessee, disposing of the appeal without costs incurred. Case-Laws Income Tax Thu, 08 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335772