https://www.taxtmi.com/caselaws?id=10930 Interest under section 18(3A) of the Karnataka Agricultural Income-tax Act, 1957 was treated as compensatory, meant to recompense the Revenue for delay in filing the return and delay in paying tax. Because the State provision did not contain a limiting explanation confining interest to the tax shown in the return, the levy could be computed on the tax liability finally determined on regular assessment rather than only on the returned figure. The challenge to the interest levy failed, and the provision was regarded as permitting interest on assessed tax liability. en-us Wed, 25 Feb 2004 00:00:00 +0530 Mon, 27 Jul 2009 19:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10930 Interest under section 18(3A) of the Karnataka Agricultural Income-tax Act, 1957 was treated as compensatory, meant to recompense the Revenue for delay in filing the return and delay in paying tax. Because the State provision did not contain a limiting explanation confining interest to the tax shown in the return, the levy could be computed on the tax liability finally determined on regular assessment rather than only on the returned figure. The challenge to the interest levy failed, and the provision was regarded as permitting interest on assessed tax liability. Case-Laws Income Tax Wed, 25 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10930