https://www.taxtmi.com/caselaws?id=56967 The Appellate Tribunal ITAT Amritsar ruled on the cancellation of interest levied under section 201(1A) of the Income-tax Act for four assessment years. The Tribunal emphasized the mandatory nature of interest payment under section 201(1A) and distinguished it from penalty provisions. It rejected the argument of agreed arrangements between the assessee and the ITO regarding interest payment, reinstating the interest charged. The Tribunal held that interest under section 201(1A) was necessary for timely revenue payment, overturning the cancellation and upholding the interest charged for the relevant assessment years. en-us Fri, 09 Jun 1989 00:00:00 +0530 Sun, 06 Feb 2011 02:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56967 The Appellate Tribunal ITAT Amritsar ruled on the cancellation of interest levied under section 201(1A) of the Income-tax Act for four assessment years. The Tribunal emphasized the mandatory nature of interest payment under section 201(1A) and distinguished it from penalty provisions. It rejected the argument of agreed arrangements between the assessee and the ITO regarding interest payment, reinstating the interest charged. The Tribunal held that interest under section 201(1A) was necessary for timely revenue payment, overturning the cancellation and upholding the interest charged for the relevant assessment years. Case-Laws Income Tax Fri, 09 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56967