2006 (9) TMI 172

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....as right in law in deleting the interest charged under section 139(8), 215/217 in view of the fact that the demand notice which is a part of the assessment order indicated clearly charging of interest and its working ?" 2. Facts noticed by the Tribunal in the statement of case are : "While passing the assessment order for the assessment year 1986-87, the Assessing Officer did not issue any direction for the charging of interest, in the body of the assessment order. The Assessing Officer, however, charged interest under sections 139(8) and 217 of the Income-tax Act. The learned Commissioner of Income-tax (Appeals) upheld the charging of interest. The assessee came in further appeal before the Tribunal. It was pleaded on behalf of th....

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....er, no fault can be found with the process, though it is only when both the computation sheets are signed or initialled by the Income-tax Officer that the process described in section 143(3) will be complete. In this context, one may take notice of the fact that, initially, rule 15(2) of the Income-tax Rules prescribed Form No. 8, a sheet containing the computation of the tax, though there was no form prescribed for the assessment of the income. This sub-rule was dropped in 1964. Thereafter, the matter has been governed by Departmental instructions. Under these, two forms are in vogue. One is the form of what is described as the 'assessment order' (I. T. 30 or I. T. N. S. 65). The other is what is described as the 'Income-tax Computation....