https://www.taxtmi.com/caselaws?id=62868 The Tribunal held that interest under section 216 should be charged based on the first and second instalments when the assessee significantly underestimated income, despite later revisions. The CIT(A)'s decision was overturned, and the Assessing Officer's order was upheld. The Tribunal emphasized that the initial underestimation warranted interest charges under section 216, distinguishing the case from precedents. The revenue's appeal was allowed, affirming the correctness of the interest charged based on the initial estimates. en-us Wed, 07 Nov 1990 00:00:00 +0530 Sat, 22 Jan 2011 12:52:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62868 The Tribunal held that interest under section 216 should be charged based on the first and second instalments when the assessee significantly underestimated income, despite later revisions. The CIT(A)'s decision was overturned, and the Assessing Officer's order was upheld. The Tribunal emphasized that the initial underestimation warranted interest charges under section 216, distinguishing the case from precedents. The revenue's appeal was allowed, affirming the correctness of the interest charged based on the initial estimates. Case-Laws Income Tax Wed, 07 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62868