https://www.taxtmi.com/caselaws?id=64183 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to cancel the interest charged under section 216 of the Income Tax Act. The Tribunal found that the assessee's estimate for advance tax payment was reasonable, considering factors like strikes affecting business operations and variations in income. It emphasized the importance of a genuine effort in estimating income and tax payable, stating that penal interest under section 216 may not be justified if the underestimation was due to factors beyond the assessee's control. en-us Fri, 20 Dec 1985 00:00:00 +0530 Sat, 05 Feb 2011 12:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64183 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to cancel the interest charged under section 216 of the Income Tax Act. The Tribunal found that the assessee's estimate for advance tax payment was reasonable, considering factors like strikes affecting business operations and variations in income. It emphasized the importance of a genuine effort in estimating income and tax payable, stating that penal interest under section 216 may not be justified if the underestimation was due to factors beyond the assessee's control. Case-Laws Income Tax Fri, 20 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64183