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![Amount of Interest must be Excluded while Determining Penalty u/s 221 of the IT Act: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2017/05/Interest-Taxscan.jpg "Amount of Interest must be Excluded while Determining Penalty u/s 221 of the IT Act: Bombay HC [Read Judgment]")
Amount of Interest must be Excluded while Determining Penalty u/s 221 of the IT Act: Bombay HC [Read Judgment]
In CIT v. M/s. Oryx Finance and Investment Pvt. Ltd, a division bench of the Bombay High Court held that the phraseology “tax in arrears” as envisaged...
