https://www.taxtmi.com/caselaws?id=208333 The High Court ruled in favor of the revenue, holding that interest under sections 234A and 234B of the Income Tax Act is mandatory. The Court emphasized that the assessee was liable to be taxed in the year of receipt of compensation, as per Supreme Court interpretations and relevant provisions. The decision clarified the mandatory nature of interest under these sections, reinforcing the importance of timely compliance with tax obligations based on individual circumstances. en-us Thu, 20 Jan 2011 00:00:00 +0530 Thu, 12 Jan 2012 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208333 The High Court ruled in favor of the revenue, holding that interest under sections 234A and 234B of the Income Tax Act is mandatory. The Court emphasized that the assessee was liable to be taxed in the year of receipt of compensation, as per Supreme Court interpretations and relevant provisions. The decision clarified the mandatory nature of interest under these sections, reinforcing the importance of timely compliance with tax obligations based on individual circumstances. Case-Laws Income Tax Thu, 20 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208333