Case Law Details
Case Name : Girnar Investment Ltd Vs The Commissioner of income tax & anr (Delhi High Court)
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All High Courts Delhi High Court
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Girnar Investment Ltd vs. CIT (Delhi High Court)
The AO passed an assessment order and raised a demand of Rs. 21.24 lakhs of which Rs. 10.50 lakhs was paid by the assessee and the balance of Rs. 10.94 was stayed. On 20.5.1998, the CIT (A) allowed the ap¬peal of the assessee and no demand remained payable by the assessee. The AO refunded the taxes paid by the assessee. Subsequently, the Tribunal reversed the CIT (A). The AO gave effect to the Tribunal’s order on 30.7.2004 and charged interest
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Query that no interest is payable on demand against penalty accepted after final appellate authority decision (First and second appellate authority decided in favour):
Section 156- Notice of demand: When any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed under this Act, the Assessing Officer shall serve upon the assessee a notice of demand in the prescribed form specifying the sum so payable:
Section 220- When tax payable and when assessee deemed in default: (1) Any amount, otherwise than by way of advance tax, specified as payable in a notice of demand under section 156 shall be paid within thirty days of the service of the notice……………
(2) If the amount specified in any notice of demand u/s 156 is not paid within the period limited sub-section (1), the assessee shall be liable to pay simple interest at one percent for every month or part of a month comprised in the period commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid.
Further the first proviso of sub-section (2) mentioned that as a result of an order u/s 154/155/250/254/260/262/264 or 245D(4) the amount on which the interest was payable u/s 220(2) reduced the interest shall be reduced accordingly.
Therefore interest u/s 220(2) of the Act is required to be paid