https://www.taxtmi.com/caselaws?id=239653 The tribunal upheld the FAA's decision to recalculate interest under sections 234B and 234C for an assessee who failed to pay advance tax within stipulated dates. The tribunal clarified that interest under these sections is compensatory, not penal, and emphasized the automatic levy of interest for shortfalls in tax payments. The assessee's appeal was dismissed, affirming the FAA's order to rectify the mistake apparent from the record. en-us Wed, 13 Nov 2013 00:00:00 +0530 Tue, 19 Nov 2013 06:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239653 The tribunal upheld the FAA's decision to recalculate interest under sections 234B and 234C for an assessee who failed to pay advance tax within stipulated dates. The tribunal clarified that interest under these sections is compensatory, not penal, and emphasized the automatic levy of interest for shortfalls in tax payments. The assessee's appeal was dismissed, affirming the FAA's order to rectify the mistake apparent from the record. Case-Laws Income Tax Wed, 13 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239653