https://www.taxtmi.com/caselaws?id=62132 The Appellate Tribunal ITAT Cochin ruled in a case involving the interpretation of Section 214(1) of the Income Tax Act. The taxpayer's payment of advance tax exceeded the tax demanded, making them eligible for interest under Section 214(1). The Income Tax Officer initially allowed the interest but later attempted to withdraw it, claiming certain payments were late. The Appellate Assistant Commissioner upheld the taxpayer's position, leading to the Department's unsuccessful appeal. The Tribunal confirmed that the ITO had no valid reason to withdraw the interest, as the taxpayer's payment qualified for it under Section 214(1). en-us Thu, 13 Jul 1978 00:00:00 +0530 Tue, 18 Jan 2011 12:18:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62132 The Appellate Tribunal ITAT Cochin ruled in a case involving the interpretation of Section 214(1) of the Income Tax Act. The taxpayer's payment of advance tax exceeded the tax demanded, making them eligible for interest under Section 214(1). The Income Tax Officer initially allowed the interest but later attempted to withdraw it, claiming certain payments were late. The Appellate Assistant Commissioner upheld the taxpayer's position, leading to the Department's unsuccessful appeal. The Tribunal confirmed that the ITO had no valid reason to withdraw the interest, as the taxpayer's payment qualified for it under Section 214(1). Case-Laws Income Tax Thu, 13 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62132