https://www.taxtmi.com/caselaws?id=202233 The Court affirmed the Tribunal's decision in IT(SS)A No. 181/Bang/2002, directing a reexamination of tax payments and adjustment of interest calculation. It clarified that interest should only be charged on the sum payable as per the assessment order, reduced by taxes paid before the due date, in accordance with section 158BFA(1) of the Income-tax Act, 1961. The judgment emphasized that interest is compensatory and should not be levied when taxes have already been paid, providing clarity on the application of the provision and upholding the Tribunal's decision on interest calculation and adjustment based on tax payments. en-us Mon, 14 Dec 2009 00:00:00 +0530 Mon, 24 Dec 2012 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202233 The Court affirmed the Tribunal's decision in IT(SS)A No. 181/Bang/2002, directing a reexamination of tax payments and adjustment of interest calculation. It clarified that interest should only be charged on the sum payable as per the assessment order, reduced by taxes paid before the due date, in accordance with section 158BFA(1) of the Income-tax Act, 1961. The judgment emphasized that interest is compensatory and should not be levied when taxes have already been paid, providing clarity on the application of the provision and upholding the Tribunal's decision on interest calculation and adjustment based on tax payments. Case-Laws Income Tax Mon, 14 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202233