https://www.taxtmi.com/caselaws?id=61045 The DC(A)'s order charging interest for non-payment of wealth-tax for more than one year at a time was appealed by the assessee. The DC(A) dismissed the appeals, citing the absence of a comparable rule to rule 118 in the Wealth-tax Rules. The Tribunal overturned the DC(A)'s decision, directing the Assessing Officer to recompute interest for each financial year separately based on rule 118 of the Income-tax Rules, 1962. The Tribunal found the provisions of section 31(2) of the Wealth-tax Act and section 220(2) of the Income-tax Act to be identical and applied the principles established in previous case law to support its decision. The appeals were allowed, providing relief to the assessee. en-us Thu, 26 Feb 1998 00:00:00 +0530 Mon, 10 Jan 2011 16:00:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61045 The DC(A)'s order charging interest for non-payment of wealth-tax for more than one year at a time was appealed by the assessee. The DC(A) dismissed the appeals, citing the absence of a comparable rule to rule 118 in the Wealth-tax Rules. The Tribunal overturned the DC(A)'s decision, directing the Assessing Officer to recompute interest for each financial year separately based on rule 118 of the Income-tax Rules, 1962. The Tribunal found the provisions of section 31(2) of the Wealth-tax Act and section 220(2) of the Income-tax Act to be identical and applied the principles established in previous case law to support its decision. The appeals were allowed, providing relief to the assessee. Case-Laws Wealth-tax Thu, 26 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61045