https://www.taxtmi.com/caselaws?id=211496 The Tribunal upheld the Assessing Officer's decision, confirming the assessee's liability for interest under sections 234B and 234C of the Income Tax Act. The Tribunal emphasized that interest is chargeable on the assessed income, taking into account the retrospective amendment impacting advance tax liability. Despite the assessee's reliance on various judicial precedents and arguments regarding bona fide belief, the Tribunal dismissed the appeal, citing the clarificatory explanation under section 80IA by the Finance Act, 2007, and relevant case law supporting the chargeability of interest. en-us Wed, 14 Dec 2011 00:00:00 +0530 Wed, 20 Apr 2016 15:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211496 The Tribunal upheld the Assessing Officer's decision, confirming the assessee's liability for interest under sections 234B and 234C of the Income Tax Act. The Tribunal emphasized that interest is chargeable on the assessed income, taking into account the retrospective amendment impacting advance tax liability. Despite the assessee's reliance on various judicial precedents and arguments regarding bona fide belief, the Tribunal dismissed the appeal, citing the clarificatory explanation under section 80IA by the Finance Act, 2007, and relevant case law supporting the chargeability of interest. Case-Laws Income Tax Wed, 14 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211496