https://www.taxtmi.com/caselaws?id=66005 The Tribunal allowed the appeal in favor of the assessee, canceling the interest levied under section 201(1A) of the Income-tax Act, 1961. The Tribunal found that the assessee had acted in good faith, promptly deducting and paying taxes once the liability arose. It emphasized the provisions of section 192(3) allowing adjustments in tax deductions during the financial year, concluding that there was no default on the part of the assessee. Therefore, the interest levy was deemed unjustified and overturned, resulting in a favorable outcome for the assessee. en-us Thu, 28 Aug 1986 00:00:00 +0530 Sat, 19 Feb 2011 17:49:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66005 The Tribunal allowed the appeal in favor of the assessee, canceling the interest levied under section 201(1A) of the Income-tax Act, 1961. The Tribunal found that the assessee had acted in good faith, promptly deducting and paying taxes once the liability arose. It emphasized the provisions of section 192(3) allowing adjustments in tax deductions during the financial year, concluding that there was no default on the part of the assessee. Therefore, the interest levy was deemed unjustified and overturned, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Thu, 28 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66005