https://www.taxtmi.com/caselaws?id=214315 The Court ruled in favor of the assessee, holding that the law declared in a previous case regarding the levy of interest under specific sections of the Income Tax Act does not apply to a different section computing total income based on book profits. The Court clarified that the assessee is liable to pay advance tax under the amended provisions but is not obligated to pay interest on the amount due under the amended provision. Additionally, the Court emphasized that interest liability is compensatory and cannot be charged retrospectively, ultimately deciding that the assessee is not liable to pay interest on the tax difference. en-us Tue, 30 Aug 2011 00:00:00 +0530 Wed, 27 Jun 2012 07:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214315 The Court ruled in favor of the assessee, holding that the law declared in a previous case regarding the levy of interest under specific sections of the Income Tax Act does not apply to a different section computing total income based on book profits. The Court clarified that the assessee is liable to pay advance tax under the amended provisions but is not obligated to pay interest on the amount due under the amended provision. Additionally, the Court emphasized that interest liability is compensatory and cannot be charged retrospectively, ultimately deciding that the assessee is not liable to pay interest on the tax difference. Case-Laws Income Tax Tue, 30 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214315