1985 (12) TMI 69 - AT - Income Tax

Summary

The Appellate Tribunal in ITAT AHMEDABAD-C upheld the CIT (A)'s decision to quash the order of the ITO levying interest under section 215. The Tribunal noted that the rectificatory order under section 154 should be based on the record as it existed at the time of regular assessment. The Tribunal also mentioned an amendment to section 215(3) from April 1, 1985, which clarified the charging and refund of interest in case of tax liability changes. The appeal was rejected.