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Whether tax U/s. 221 of the IT Act takes within its ambit interest component?
Case Law Details
- Case Name
- CIT vs. Oryx Finance and Investment Pvt. Ltd. (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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Advocate Akhilesh Kumar Sah
Whether tax under section 221 of the IT Act takes within its ambit the interest component?
Section 221 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”), prescribes penalty according to its provisions when an assessee is in default or is deemed to be in default in making a payment of tax.
Recently, in CIT, Mumbai vs. Oryx Finance and Investment Pvt. Ltd. [ITA No. 1 of 2015, decided on 1 July 2017], one of the question raised before Bombay High Court was whether on facts and in the circumstances of the case and in law, the ITAT is justified in ...
