https://www.taxtmi.com/caselaws?id=18793 HC allowed the petition and quashed the demand of interest of Rs.78,322. The court held the levy under ss.234A/234B unjustified because the return had been filed in time and the disputed receipt was specifically disclosed and contested, not concealed. A section 142(1) notice issued in the course of scrutiny did not convert the disclosure into a default for purposes of interest, since Explanation 4 to s.234A confines interest to tax on income as declared in the return. Consequently the statutory conditions for imposing interest were not satisfied. en-us Mon, 13 Nov 1995 00:00:00 +0530 Wed, 15 Oct 2025 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18793 HC allowed the petition and quashed the demand of interest of Rs.78,322. The court held the levy under ss.234A/234B unjustified because the return had been filed in time and the disputed receipt was specifically disclosed and contested, not concealed. A section 142(1) notice issued in the course of scrutiny did not convert the disclosure into a default for purposes of interest, since Explanation 4 to s.234A confines interest to tax on income as declared in the return. Consequently the statutory conditions for imposing interest were not satisfied. Case-Laws Income Tax Mon, 13 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18793