https://www.taxtmi.com/caselaws?id=65195 The tribunal ruled in favor of the assessee, holding that the interest charged under s. 216 of the IT Act was not applicable. The tribunal found that the assessee had complied with the law by paying the first two instalments based on the statement of income, not an estimate of income. As per the legislative changes, the tribunal distinguished between a statement of income and an estimate of income, determining that s. 216 applied only when an estimate was filed. Therefore, the tribunal quashed the order of charging interest, allowing the appeal. en-us Mon, 17 Jul 1989 00:00:00 +0530 Mon, 14 Feb 2011 11:32:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65195 The tribunal ruled in favor of the assessee, holding that the interest charged under s. 216 of the IT Act was not applicable. The tribunal found that the assessee had complied with the law by paying the first two instalments based on the statement of income, not an estimate of income. As per the legislative changes, the tribunal distinguished between a statement of income and an estimate of income, determining that s. 216 applied only when an estimate was filed. Therefore, the tribunal quashed the order of charging interest, allowing the appeal. Case-Laws Income Tax Mon, 17 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65195