https://www.taxtmi.com/caselaws?id=405289 The Tribunal upheld the charging of interest on the assessed income under section 158BFA, finding the delay in filing the return unjustified. It determined the interest as penal, not compensatory, due to the deliberate delay. The validity of assessment proceedings and order was affirmed, with the appellant's time-barred assessment claim left for consideration post another appeal. The assessment's validity was upheld despite the lack of an individual search warrant. The Tribunal allowed the appellant to withdraw or modify grounds of appeal and directed a recalculation of interest post a High Court decision, allowing the appeals for statistical purposes. en-us Tue, 02 Mar 2021 00:00:00 +0530 Tue, 16 Mar 2021 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405289 The Tribunal upheld the charging of interest on the assessed income under section 158BFA, finding the delay in filing the return unjustified. It determined the interest as penal, not compensatory, due to the deliberate delay. The validity of assessment proceedings and order was affirmed, with the appellant's time-barred assessment claim left for consideration post another appeal. The assessment's validity was upheld despite the lack of an individual search warrant. The Tribunal allowed the appellant to withdraw or modify grounds of appeal and directed a recalculation of interest post a High Court decision, allowing the appeals for statistical purposes. Case-Laws Income Tax Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405289