Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Interest under IT Act Sections 215 & 217 is calculated until original assessment date, not affected by subsequent assessments.</h1> Interest under sections 215 and 217 of the Income Tax Act, 1961, should be calculated from April 1 following the previous year until the date of the original assessment made under sections 143 or 144. If an assessment made under section 144 is canceled under section 146 and a fresh assessment is conducted under sections 143(3) or 144, interest is charged only up to the original assessment date. This approach aligns with the scheme of the Act, as confirmed by the Ministry of Law and Revenue Audit, and is accepted by the Board. Subsequent assessments do not affect the interest calculation.
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