https://www.taxtmi.com/caselaws?id=261450 The Tribunal upheld the Deputy Commissioner's decision to consider interest under Section 215 on the assessed income, excluding the enhanced share in the partnership firm. The judgment emphasized the absence of wilful attempt or false information by the assessee. It was ruled that the authorities had jurisdiction to reduce or waive interest under Section 215 based on the assessee's good faith in estimating income and paying advance tax. The discretion under Rule 40(5) was deemed judiciously exercised, leading to a favorable outcome for the assessee in reducing or waiving the interest payable under Section 215. en-us Tue, 30 Jun 2015 00:00:00 +0530 Mon, 13 Jul 2015 08:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261450 The Tribunal upheld the Deputy Commissioner's decision to consider interest under Section 215 on the assessed income, excluding the enhanced share in the partnership firm. The judgment emphasized the absence of wilful attempt or false information by the assessee. It was ruled that the authorities had jurisdiction to reduce or waive interest under Section 215 based on the assessee's good faith in estimating income and paying advance tax. The discretion under Rule 40(5) was deemed judiciously exercised, leading to a favorable outcome for the assessee in reducing or waiving the interest payable under Section 215. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261450