https://www.taxtmi.com/caselaws?id=57334 The Tribunal upheld the decision of the CIT(A) regarding the withdrawal of interest under sections 244(1A) and 243 of the IT Act by the AO for the assessment year 1980-81. The Tribunal found that the AO lacked the authority to withdraw interest once granted, as interest on interest is permissible under the IT Act. The introduction of section 244A for withdrawal of interest was deemed inapplicable to the assessment year in question. Therefore, both appeals by the Revenue were dismissed based on the precedents established by the Hon'ble Gujarat High Court and other relevant authorities. en-us Tue, 31 May 2005 00:00:00 +0530 Thu, 09 Dec 2010 16:29:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57334 The Tribunal upheld the decision of the CIT(A) regarding the withdrawal of interest under sections 244(1A) and 243 of the IT Act by the AO for the assessment year 1980-81. The Tribunal found that the AO lacked the authority to withdraw interest once granted, as interest on interest is permissible under the IT Act. The introduction of section 244A for withdrawal of interest was deemed inapplicable to the assessment year in question. Therefore, both appeals by the Revenue were dismissed based on the precedents established by the Hon'ble Gujarat High Court and other relevant authorities. Case-Laws Income Tax Tue, 31 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57334