https://www.taxtmi.com/caselaws?id=13662 The court ruled in favor of the petitioner, interpreting section 17B of the Wealth-tax Act to determine that interest charges are compensatory rather than punitive. The court held that interest should only be levied until the date of depositing the tax and interest, not up to the date of filing the return. Emphasizing the compensatory nature of interest charges, the court quashed the assessing authority's order and remanded the matter for reconsideration, without awarding costs to either party. en-us Wed, 31 Aug 2005 00:00:00 +0530 Wed, 01 Jul 2009 11:36:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13662 The court ruled in favor of the petitioner, interpreting section 17B of the Wealth-tax Act to determine that interest charges are compensatory rather than punitive. The court held that interest should only be levied until the date of depositing the tax and interest, not up to the date of filing the return. Emphasizing the compensatory nature of interest charges, the court quashed the assessing authority's order and remanded the matter for reconsideration, without awarding costs to either party. Case-Laws Wealth-tax Wed, 31 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13662