Interest liability under section 215 precludes concurrent interest under section 217(1A) for same estimate-related defaults. Where an assessee has filed an estimate, however inaccurate, the penal interest for failure to furnish an estimate does not apply; the two interest provisions are distinct and cannot be cumulatively levied for the same assessment year. The Board directs that in cases of underestimation of advance tax or failure to file an obligatory estimate, only interest under the provision addressing shortfall in advance tax should be charged.
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Provisions expressly mentioned in the judgment/order text.
Interest liability under section 215 precludes concurrent interest under section 217(1A) for same estimate-related defaults.
Where an assessee has filed an estimate, however inaccurate, the penal interest for failure to furnish an estimate does not apply; the two interest provisions are distinct and cannot be cumulatively levied for the same assessment year. The Board directs that in cases of underestimation of advance tax or failure to file an obligatory estimate, only interest under the provision addressing shortfall in advance tax should be charged.
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