Interest on tax: payments made otherwise before assessment alter interest calculation under section 215. The Board interprets the phrase 'or otherwise' in Section 215(2) to include any payment of income tax made before completion of regular assessment other than advance tax or self-assessment; such payments must be included when calculating interest under Section 215-interest is computed under Section 215(1) up to the date of payment and thereafter on the shortfall between the payment and the assessed tax.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on tax: payments made otherwise before assessment alter interest calculation under section 215.
The Board interprets the phrase "or otherwise" in Section 215(2) to include any payment of income tax made before completion of regular assessment other than advance tax or self-assessment; such payments must be included when calculating interest under Section 215-interest is computed under Section 215(1) up to the date of payment and thereafter on the shortfall between the payment and the assessed tax.
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