1998 (9) TMI 21 - HC - Income Tax

Summary

The High Court of Madras upheld the Tribunal's decision that interest should only be levied up to the date of seizure of books from the assessee, not beyond. The Commissioner of Income-tax had directed the Income-tax Officer to waive the interest up to the date of seizure, which was deemed appropriate. The Tribunal's decision was found to be correct, and the question was answered in favor of the assessee and against the Revenue.