2001 (7) TMI 29 - HC - Income Tax

Summary

The High Court of Gujarat ruled that interest under section 215 of the Income-tax Act could not be levied as a result of an order passed under section 154 or 155 for the assessment year 1979-80. The court favored the assessee, stating that the Assessing Officer did not have the power to levy additional interest under section 215(3) at that time. The Tribunal upheld the decision, and the reference was disposed of in favor of the assessee with no costs.