Supreme Court of India
Income Tax Officer 'a' Ward, Indore v. Gwalior Rayon Silk Manufacturing (weaving) Co. Ltd., Birlagram, Nagda
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
lnconu:-tax Act, 1961-Scction 220(2) and (3)-Scope of-Rate of inter .. est 011 arrears of tax fixed b-;y the Act-Asses.te agrees to pay higher rate of interest-Whether lncome .. tax Officer had pdwer to accept-Upward revision of rate of interest by the Finance Act-If assessee could claim to pay only the rate agreed but not the rate fixed by the Finance Act. Sub-section (2) of si. 220 of the Income-true Act, 1961 makes an asses~e liable to pay simple interest at 4% p.a. if the amount specified in any not.ice of demand under s. 156 was not paid within the period limited under sub;s. (1/.
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