Case Law Details
Case Name : CIT Vs Oryx Finance and Investment (P) Ltd. (Bombay High Court)
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All High Courts Bombay High Court
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CIT Vs Oryx Finance and Investment (P) Ltd. (Bombay High Court)
Definition of tax under Section 2(43) does not include penalty or interest. Tax, penalty and interest are different concepts under Income Tax Act . The provisions for imposition of penalty and interest are distinct from provisions for imposition of tax.
Under Section 221, penalty can be imposed only when the Assessee is in default in making payment of the tax. Since the expression tax has been defined in Section 2(43) of
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