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1968 (2) TMI 16 - HC - Income TaxWhether the revision petition was valid in regard to penal interest levied 18A(6) and (7) of the IT Act, 1922 on account of under-assessment of the estimated income for purposes of payment of advance tax - held that Section 30 which provides for appeals against specific orders makes no mention of section 18A(6) - hence the revision petition filed before the Commissioner was competent
The High Court of Madras allowed the petition to quash an order of the Central Board of Revenue imposing penal interest on a private limited company for the assessment year 1959-60. The Commissioner's decision to dismiss the revision petition was deemed incorrect, and it was held that the revision petition was competent. The matter was remanded for the Commissioner to reconsider the petition on its merits. The Central Board of Revenue's decision not to interfere with the Commissioner's order was upheld.
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