Interest payable on Delay in Tax payment due to disclosure of STCG as LTCG

Tushin T. Mehta Vs CCIT (Madras High Court) The writ petitioner’s father late Mr. Tushaar Mehta voluntarily filed his return of income for the assessment year 1996-97 on 28.03.1997 admitting the total income of Rs.11,06,129/-. The assessee had claimed long term capital gains of Rs.3,26,813/- on sale of property made during that year. The property in question was a leasehold property registered in his name. He had entered into a transaction with Mrs.Utility Builders for construction of multi storied structure. An agreement was executed on 06.03.1992. However, the lease deed was registered...