https://www.taxtmi.com/caselaws?id=27090 The High Court of Bombay upheld the decision regarding the levy of interest on tax deducted at source under section 201(1A) of the Income-tax Act, 1961 for the assessment years 1971-72 to 1978-79. The Court ruled that the payment of interest at 12% per annum was mandatory upon default and could not be waived, rejecting the petitioners' request for waiver based on rule 119A of the Income-tax Rules, 1962. The Court emphasized that the liability to pay interest was immediate and could only be calculated based on the law in force at the time, precluding any waiver provision for unintentional default. en-us Wed, 07 Nov 1984 00:00:00 +0530 Wed, 10 Feb 2010 16:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27090 The High Court of Bombay upheld the decision regarding the levy of interest on tax deducted at source under section 201(1A) of the Income-tax Act, 1961 for the assessment years 1971-72 to 1978-79. The Court ruled that the payment of interest at 12% per annum was mandatory upon default and could not be waived, rejecting the petitioners' request for waiver based on rule 119A of the Income-tax Rules, 1962. The Court emphasized that the liability to pay interest was immediate and could only be calculated based on the law in force at the time, precluding any waiver provision for unintentional default. Case-Laws Income Tax Wed, 07 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27090