https://www.taxtmi.com/caselaws?id=63969 Interest under section 7D of the Companies' Profits (Surtax) Act, 1964 was not leviable where the statutory computation under section 7A showed nil advance surtax payable. The latest regular assessment disclosed no chargeable profit, and there was no later provisional assessment. As no advance surtax arose on that basis and no understatement of advance tax was shown in the estimate, the condition precedent for section 7D was absent. The assessee was therefore not liable to interest on any supposed shortfall. en-us Fri, 05 Jun 1992 00:00:00 +0530 Wed, 02 Feb 2011 18:39:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63969 Interest under section 7D of the Companies' Profits (Surtax) Act, 1964 was not leviable where the statutory computation under section 7A showed nil advance surtax payable. The latest regular assessment disclosed no chargeable profit, and there was no later provisional assessment. As no advance surtax arose on that basis and no understatement of advance tax was shown in the estimate, the condition precedent for section 7D was absent. The assessee was therefore not liable to interest on any supposed shortfall. Case-Laws Income Tax Fri, 05 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63969