Taxpayers need not pay interest if not specified in assessme

TAXPAYERS can take advantage of the decision of the Mumbai Bench of the Income-Tax Appellate Tribunal. The tribunal, in a recent order, held that a taxpayers need not pay interest, if the assessment order does not clearly mention the quantum of interest. The tribunal struck down an order of the income-tax department charging interest from Mr Bharat C Gandhi, an individual taxpayer, solely on the grounds that the assessment order did not mention the quantum of interest charged on him. There was a mention of the quantum of interest in the notice of demand sent to the assessees, but no mention of interest in the assessment order. The income-tax rules stipulate that assessment order should contain the quantum of interest, if interest has to be recovered from the taxpayer