HC: Interest liability 'automatic', however, 'quantification' not a 'unilateral arithematic exercise', holds Third Member

Feb 14,2020

Third Member holds that “though the liability of interest under section 50 is automatic, quantification of such liability shall have to be made by doing the arithmetic exercise, after considering the objections of the assessee”; Relying upon Division Bench decision of the Telengana HC in case of Megha Engineering & Infrastructures Ltd., Revenue contests that once a delayed payment of tax was made, liability to pay interest on the same becomes automatic, for which no s...

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