Supreme Court · 1975 INSC 221 · Decided 18 September 1975
Income Tax Officer 'a' Ward, Indore v. Gwalior Rayon Silk Manufacturing (Weaving) CO. LTD., Birlagram, Nagda
- Court
- Supreme Court of India
- Citation
- 1975 INSC 221 · [1976] 1 S.C.R. 855
- Case number
- CIVIL APPEAL No. 76/1971
- Decided
- 18 September 1975
- Bench
- V.R. KRISHNA IYER, S. MURTAZA FAZAL ALI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 220(2)
Headnote
lnconu:-tax Act, 1961-Scction 220(2) and (3)-Scope of-Rate of inter .. est 011 arrears of tax fixed b-;y the Act-Asses.te agrees to pay higher rate of interest-Whether lncome .. tax Officer had pdwer to accept-Upward revision of rate of interest by the Finance to pay only the rate agreed but not the rate fixed by the Finance Act. Sub-section (2) of si. 220 of the Income-true Act, 1961 makes an asses~e liable to pay simple interest at 4% p.a. if the amount specified in any not.ice of demand under s. 156 was not paid within the period limited under
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