12 July 2013
Interest always restricted to the value of assessed tax. so it cannot exceed.
Interest rate is 1% per month means annually 12 %. for making equal to tax liability itself 8 years delay need to happen.( there is not interest on interest concept also in Income tax)
How ever 8 years it too long time.so my opinion is interest cannot exceed the tax liability in any cost
CAclubindia
