https://www.taxtmi.com/caselaws?id=265731 The Tribunal ruled in favor of the assessee, holding that the term 'every month or part thereof' in Section 201(1A) of the Income Tax Act, 1961 should be interpreted based on the British calendar's reckoning of time. The Tribunal determined that interest under section 201(1A) could not be charged for more than 25 months for the specific time period in question. As a result, the Tribunal allowed all eleven appeals and directed the Assessing Officer to recalculate the interest in line with the British calendar's interpretation of the term. en-us Tue, 15 Sep 2015 00:00:00 +0530 Thu, 15 Oct 2015 06:21:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265731 The Tribunal ruled in favor of the assessee, holding that the term 'every month or part thereof' in Section 201(1A) of the Income Tax Act, 1961 should be interpreted based on the British calendar's reckoning of time. The Tribunal determined that interest under section 201(1A) could not be charged for more than 25 months for the specific time period in question. As a result, the Tribunal allowed all eleven appeals and directed the Assessing Officer to recalculate the interest in line with the British calendar's interpretation of the term. Case-Laws Income Tax Tue, 15 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265731