https://www.taxtmi.com/caselaws?id=62912 The Tribunal dismissed the revenue's appeal, ruling that the interest levied under Section 216 of the Income-tax Act was not justified. The assessee's interpretation of "regular assessment" was deemed reasonable, and the mistake was considered bona fide. The Tribunal directed the Assessing Officer to refund the interest if already recovered, highlighting the discretionary nature of Section 216 and the importance of carefully assessing facts before imposing interest charges. en-us Thu, 07 Mar 1996 00:00:00 +0530 Sat, 22 Jan 2011 15:15:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62912 The Tribunal dismissed the revenue's appeal, ruling that the interest levied under Section 216 of the Income-tax Act was not justified. The assessee's interpretation of "regular assessment" was deemed reasonable, and the mistake was considered bona fide. The Tribunal directed the Assessing Officer to refund the interest if already recovered, highlighting the discretionary nature of Section 216 and the importance of carefully assessing facts before imposing interest charges. Case-Laws Income Tax Thu, 07 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62912