https://www.taxtmi.com/caselaws?id=64929 The court ruled in favor of the limited company in its appeal against the levy of interest under section 216 of the IT Act, 1961. The dispute arose from the difference in advance tax payments made by the assessee, who had filed a statement of income for advance tax purposes but was charged interest without clarification. The court clarified that section 216 applies when an assessee estimates income for advance tax, not when a statement of income is filed. As the assessee had not intentionally underpaid, the interest levy was deemed improper, leading to the appeal being allowed and the interest order being quashed. en-us Mon, 17 Jul 1989 00:00:00 +0530 Fri, 11 Feb 2011 12:13:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64929 The court ruled in favor of the limited company in its appeal against the levy of interest under section 216 of the IT Act, 1961. The dispute arose from the difference in advance tax payments made by the assessee, who had filed a statement of income for advance tax purposes but was charged interest without clarification. The court clarified that section 216 applies when an assessee estimates income for advance tax, not when a statement of income is filed. As the assessee had not intentionally underpaid, the interest levy was deemed improper, leading to the appeal being allowed and the interest order being quashed. Case-Laws Income Tax Mon, 17 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64929