https://www.taxtmi.com/caselaws?id=56944 The tribunal upheld the decision of the ITO to charge interest under section 220(2) of the Income-tax Act, 1961 for non-payment of demand raised in the assessment year 1977-78. The tribunal rejected the assessee's claim for interest payment on excess asset value over liabilities under section 132B(4), emphasizing that interest is only payable on retained money or sale proceeds as per the clear provisions of the law. The tribunal recommended the department to clarify any confusion regarding interest payment on retained assets and advised the assessee to pursue the matter directly with the ITO under section 132B. en-us Mon, 26 Jul 1982 00:00:00 +0530 Tue, 07 Dec 2010 14:29:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56944 The tribunal upheld the decision of the ITO to charge interest under section 220(2) of the Income-tax Act, 1961 for non-payment of demand raised in the assessment year 1977-78. The tribunal rejected the assessee's claim for interest payment on excess asset value over liabilities under section 132B(4), emphasizing that interest is only payable on retained money or sale proceeds as per the clear provisions of the law. The tribunal recommended the department to clarify any confusion regarding interest payment on retained assets and advised the assessee to pursue the matter directly with the ITO under section 132B. Case-Laws Income Tax Mon, 26 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56944