1988 (12) TMI 22 - HC - Income Tax

Summary

The High Court of Bombay ruled that interest payable by the Government under section 214(1) of the Income-tax Act, 1961, is to be calculated based on the amount of tax determined on the first or original assessment made by the Income-tax Officer. The decision followed the Full Bench judgment in CIT v. Carona Sahu Co. Ltd. [1984] 146 ITR 452. No costs were awarded.