https://www.taxtmi.com/caselaws?id=32201 The High Court set aside the penalty under section 201 in favor of the appellant, a public sector company, in a case challenging concurrent findings of lower courts on orders passed under sections 201 and 201(1A) of the Income-tax Act. The court accepted the company's explanation that it believed no tax was required for reimbursement. However, the court ruled in favor of the Revenue on the issue of levying interest under section 201(1A), emphasizing that interest is mandatory even if penalty proceedings are dropped, independent of penalty considerations. en-us Mon, 04 Aug 2008 00:00:00 +0530 Sat, 24 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32201 The High Court set aside the penalty under section 201 in favor of the appellant, a public sector company, in a case challenging concurrent findings of lower courts on orders passed under sections 201 and 201(1A) of the Income-tax Act. The court accepted the company's explanation that it believed no tax was required for reimbursement. However, the court ruled in favor of the Revenue on the issue of levying interest under section 201(1A), emphasizing that interest is mandatory even if penalty proceedings are dropped, independent of penalty considerations. Case-Laws Income Tax Mon, 04 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32201