1992 (1) TMI 83

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....GULATI J. -The petitioner-company is engaged in the business of manufacture and sale of electron guns, a component of black and white TV picture tubes. The petition is directed against the validity of the notice issued under section 221(1) of the Income-tax Act, 1961, requiring the petitioner to show cause why it should not be subjected to penalty for non-payment of interest and penalties outstand....

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....e stated to be pending before the Commissioner of Income-tax (Appeals). During the pendency of the appeals, the petitioner has moved an application to the assessing authority under section 220(6) of the Act to the effect that the petitioner may not be treated as an assessee in default till the disposal of the appeals by the appellate authority. With regard to the amount of interest, the petitioner....