https://www.taxtmi.com/caselaws?id=275367 The High Court upheld the Tribunal's decision to delete the levy of interest under Section 201(1A) of the Income Tax Act in favor of the assessee. The Court ruled that the liability to pay interest is mandatory without considering a reasonable cause for non-payment, as emphasized by the use of the word "shall" in the provision. The Court compared various High Court judgments on the issue and concluded that the appeal lacked merit, dismissing it in favor of the assessee based on the concurrent findings of the authorities. en-us Wed, 29 Nov 2017 00:00:00 +0530 Fri, 28 Sep 2018 20:09:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275367 The High Court upheld the Tribunal's decision to delete the levy of interest under Section 201(1A) of the Income Tax Act in favor of the assessee. The Court ruled that the liability to pay interest is mandatory without considering a reasonable cause for non-payment, as emphasized by the use of the word "shall" in the provision. The Court compared various High Court judgments on the issue and concluded that the appeal lacked merit, dismissing it in favor of the assessee based on the concurrent findings of the authorities. Case-Laws Income Tax Wed, 29 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275367