https://www.taxtmi.com/caselaws?id=7444 The court held that the amended interest rate of six percent under section 220(2) of the Income-tax Act, 1961, could not be applied retrospectively to the petitioner as the period for payment specified in the notice of demand ended before April 1, 1965. The court found the arrangement for a five percent interest rate under section 220(3) to be valid and unaffected by the amendment. Consequently, the court quashed the notices of demand based on the six percent rate, restrained the respondent from demanding interest higher than five percent, awarded costs to the petitioner, and ordered the refund of the outstanding security deposit. en-us Thu, 17 Oct 1968 00:00:00 +0530 Fri, 20 Feb 2009 07:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7444 The court held that the amended interest rate of six percent under section 220(2) of the Income-tax Act, 1961, could not be applied retrospectively to the petitioner as the period for payment specified in the notice of demand ended before April 1, 1965. The court found the arrangement for a five percent interest rate under section 220(3) to be valid and unaffected by the amendment. Consequently, the court quashed the notices of demand based on the six percent rate, restrained the respondent from demanding interest higher than five percent, awarded costs to the petitioner, and ordered the refund of the outstanding security deposit. Case-Laws Income Tax Thu, 17 Oct 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7444