Interest under section 214 stays fixed to the regular assessment date; rectification under section 154 can modify it. Interest under section 214 is calculated on the difference between advance tax and tax determined on the regular assessment from the first day of April to the date of that regular assessment; the date of the first assessment fixes the terminus for interest. Interest is not altered by subsequent appellate or revision orders, but may be adjusted where the original assessment is rectified for mistakes apparent from record, treating the rectified order as determining the tax for section 214 purposes.
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 under section 214 stays fixed to the regular assessment date; rectification under section 154 can modify it.
Interest under section 214 is calculated on the difference between advance tax and tax determined on the regular assessment from the first day of April to the date of that regular assessment; the date of the first assessment fixes the terminus for interest. Interest is not altered by subsequent appellate or revision orders, but may be adjusted where the original assessment is rectified for mistakes apparent from record, treating the rectified order as determining the tax for section 214 purposes.
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