https://www.taxtmi.com/caselaws?id=71716 The Tribunal allowed the appeal, canceling the CIT's order withdrawing interest granted under section 214 of the Income Tax Act. It was held that the assessee, whose payment was accepted as an advance tax installment by the Department, was entitled to the interest on the excess amount paid. The Tribunal applied a precedent from a Bombay High Court case, emphasizing that adherence to the prescribed schedule was not necessary for claiming interest under section 214. Therefore, the assessee's entitlement to the interest was affirmed, and the CIT's decision was overturned. en-us Sat, 28 Oct 1978 00:00:00 +0530 Tue, 26 Apr 2011 17:19:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71716 The Tribunal allowed the appeal, canceling the CIT's order withdrawing interest granted under section 214 of the Income Tax Act. It was held that the assessee, whose payment was accepted as an advance tax installment by the Department, was entitled to the interest on the excess amount paid. The Tribunal applied a precedent from a Bombay High Court case, emphasizing that adherence to the prescribed schedule was not necessary for claiming interest under section 214. Therefore, the assessee's entitlement to the interest was affirmed, and the CIT's decision was overturned. Case-Laws Income Tax Sat, 28 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71716