https://www.taxtmi.com/caselaws?id=9300 The High Court held that the Income-tax Officer's failure to charge interest under section 215 (1) of the Income-tax Act, 1961 was prejudicial to the revenue's interests. The Court emphasized the necessity for a judicial exercise of discretion in waiving or reducing interest, stating that an order not charging interest must be supported by adequate grounds. The Commissioner was deemed justified in modifying the assessment orders under section 263, and the Tribunal's reliance on previous judgments was scrutinized. The Court ruled against the assessee, directing reassessment of interest and respective cost allocations. en-us Wed, 19 Sep 1973 00:00:00 +0530 Sun, 21 Jun 2009 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9300 The High Court held that the Income-tax Officer's failure to charge interest under section 215 (1) of the Income-tax Act, 1961 was prejudicial to the revenue's interests. The Court emphasized the necessity for a judicial exercise of discretion in waiving or reducing interest, stating that an order not charging interest must be supported by adequate grounds. The Commissioner was deemed justified in modifying the assessment orders under section 263, and the Tribunal's reliance on previous judgments was scrutinized. The Court ruled against the assessee, directing reassessment of interest and respective cost allocations. Case-Laws Income Tax Wed, 19 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9300