https://www.taxtmi.com/circulars?id=8881 Penal interest under 18A(6)/215 must be calculated by reference to the lower of the two Finance Act rates applicable to the regular assessment or to the year when advance tax was paid; the earlier Board letter endorsing calculation by reference to a higher rate is cancelled. Cases completed before this instruction need not be reopened and the instruction should be brought to the notice of all officers. en-us Mon, 29 May 1972 00:00:00 +0530 Mon, 30 May 2011 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8881 Penal interest under 18A(6)/215 must be calculated by reference to the lower of the two Finance Act rates applicable to the regular assessment or to the year when advance tax was paid; the earlier Board letter endorsing calculation by reference to a higher rate is cancelled. Cases completed before this instruction need not be reopened and the instruction should be brought to the notice of all officers. Circulars Income Tax Mon, 29 May 1972 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8881