2012 (9) TMI 135 - SCH - Income Tax

Levy of Interest - Held that - As the Assessment Order does not give effect to the amount seized in the calculation of tax payable at the end of the AY in question and there is no Demand Notice claiming interest on advance tax due on 15th September, 15th December and 15th March interest cannot be levied as decided in assessee s own case Commissioner of Income-Tax Versus Gold Tex Furnishing Industries 2002 (8) TMI 6 - DELHI HIGH COURT - in favour of assessee.

Summary

The Supreme Court dismissed the civil appeal filed by the Department due to the Assessment Order not considering the seized amount in tax calculation and lack of demand notice. The court also dismissed the special leave petition filed by the assessee upon their request to withdraw the cross-petition.