https://www.taxtmi.com/caselaws?id=58118 The Appellate Tribunal ITAT BOMBAY-A upheld the CIT(A)'s decision to cancel interests imposed on a private limited company under s. 201(1A) of the IT Act, 1961 for assessment years 1969-70 to 1972-73. The company's financial difficulties, leading to winding up proceedings, were deemed genuine, justifying the cancellation of interests. The Tribunal deemed orders under s. 201(1A) appealable and found merit in the company's explanation, supporting the cancellation of interests. Consequently, the departmental appeals were dismissed, emphasizing the valid reasons for the company's failure to deduct and deposit tax on time. en-us Thu, 05 Feb 1981 00:00:00 +0530 Fri, 17 Dec 2010 14:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58118 The Appellate Tribunal ITAT BOMBAY-A upheld the CIT(A)'s decision to cancel interests imposed on a private limited company under s. 201(1A) of the IT Act, 1961 for assessment years 1969-70 to 1972-73. The company's financial difficulties, leading to winding up proceedings, were deemed genuine, justifying the cancellation of interests. The Tribunal deemed orders under s. 201(1A) appealable and found merit in the company's explanation, supporting the cancellation of interests. Consequently, the departmental appeals were dismissed, emphasizing the valid reasons for the company's failure to deduct and deposit tax on time. Case-Laws Income Tax Thu, 05 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58118