https://www.taxtmi.com/circulars?id=8979 Where an assessee has filed an estimate, however inaccurate, the penal interest for failure to furnish an estimate does not apply; the two interest provisions are distinct and cannot be cumulatively levied for the same assessment year. The Board directs that in cases of underestimation of advance tax or failure to file an obligatory estimate, only interest under the provision addressing shortfall in advance tax should be charged. en-us Wed, 28 Apr 1976 00:00:00 +0530 Wed, 01 Jun 2011 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8979 Where an assessee has filed an estimate, however inaccurate, the penal interest for failure to furnish an estimate does not apply; the two interest provisions are distinct and cannot be cumulatively levied for the same assessment year. The Board directs that in cases of underestimation of advance tax or failure to file an obligatory estimate, only interest under the provision addressing shortfall in advance tax should be charged. Circulars Income Tax Wed, 28 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8979