https://www.taxtmi.com/caselaws?id=235010 The High Court considered the issue of the leviability of mandatory interest under Sections 234B and 234C when assessment is completed under Section 115JA of the Act. Referring to relevant case law, the Apex Court clarified that interest for delayed tax payment is compensatory, not punitive. The Court held that while the assessee is liable to pay advance tax as per amended provisions, they are not liable to pay interest on the difference in advance tax. However, if advance tax is not paid as per the pre-amendment provision, interest is due. The judgment favored the assessee, emphasizing the compensatory nature of interest for delayed tax payments. en-us Mon, 01 Apr 2013 00:00:00 +0530 Mon, 08 Jul 2013 08:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235010 The High Court considered the issue of the leviability of mandatory interest under Sections 234B and 234C when assessment is completed under Section 115JA of the Act. Referring to relevant case law, the Apex Court clarified that interest for delayed tax payment is compensatory, not punitive. The Court held that while the assessee is liable to pay advance tax as per amended provisions, they are not liable to pay interest on the difference in advance tax. However, if advance tax is not paid as per the pre-amendment provision, interest is due. The judgment favored the assessee, emphasizing the compensatory nature of interest for delayed tax payments. Case-Laws Income Tax Mon, 01 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235010