https://www.taxtmi.com/caselaws?id=25667 Interest under section 32(2) of the Gift-tax Act was payable on unpaid tax where an appellate reduction in assessment was later set aside and the original assessment was restored. The liability arose from failure to pay the demand within the prescribed time, and the restored assessment was treated as having operated during the relevant period, leaving the outstanding balance subject to statutory interest. The provision was applied on the same footing as the corresponding Income-tax Act mechanism. The interest demand was upheld and the challenge failed. en-us Fri, 06 Mar 1987 00:00:00 +0530 Sat, 30 Jan 2010 11:01:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25667 Interest under section 32(2) of the Gift-tax Act was payable on unpaid tax where an appellate reduction in assessment was later set aside and the original assessment was restored. The liability arose from failure to pay the demand within the prescribed time, and the restored assessment was treated as having operated during the relevant period, leaving the outstanding balance subject to statutory interest. The provision was applied on the same footing as the corresponding Income-tax Act mechanism. The interest demand was upheld and the challenge failed. Case-Laws Income Tax Fri, 06 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25667