https://www.taxtmi.com/caselaws?id=262704 The Supreme Court ruled in favor of the Revenue, emphasizing the automatic levy of interest under Section 234B of the Income Tax Act. The Court considered the interest calculation in Form I.T.N.S. 150 as part of the assessment order, in line with precedent. The judgment set aside the High Court decision, affirming the mandatory nature of interest imposition for default in advance tax payment. The outcome aligned with previous appeals, leading to the disposal of both Civil Appeal No. 1198 of 2006 and Civil Appeal No. 1169 of 2006. en-us Thu, 06 Aug 2015 00:00:00 +0530 Sat, 18 Aug 2018 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262704 The Supreme Court ruled in favor of the Revenue, emphasizing the automatic levy of interest under Section 234B of the Income Tax Act. The Court considered the interest calculation in Form I.T.N.S. 150 as part of the assessment order, in line with precedent. The judgment set aside the High Court decision, affirming the mandatory nature of interest imposition for default in advance tax payment. The outcome aligned with previous appeals, leading to the disposal of both Civil Appeal No. 1198 of 2006 and Civil Appeal No. 1169 of 2006. Case-Laws Income Tax Thu, 06 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262704