https://www.taxtmi.com/caselaws?id=179430 The Court allowed the appeal filed by Revenue challenging the Tribunal's cancellation of interest demand under Section 234B(3) in reassessment proceedings completed under Section 154. The Court held that interest under Section 234B is levied in stages based on advance tax shortfall, clarifying that interest under Section 234B(3) can be levied even if no interest was demanded under Section 234B(1) in the original assessment. The Court also affirmed the Assessing Officer's authority to levy interest under Section 234B(3) in rectification under Section 154, directing correction of any errors in interest calculation. en-us Mon, 14 Dec 2009 00:00:00 +0530 Tue, 01 Mar 2016 16:46:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179430 The Court allowed the appeal filed by Revenue challenging the Tribunal's cancellation of interest demand under Section 234B(3) in reassessment proceedings completed under Section 154. The Court held that interest under Section 234B is levied in stages based on advance tax shortfall, clarifying that interest under Section 234B(3) can be levied even if no interest was demanded under Section 234B(1) in the original assessment. The Court also affirmed the Assessing Officer's authority to levy interest under Section 234B(3) in rectification under Section 154, directing correction of any errors in interest calculation. Case-Laws Income Tax Mon, 14 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179430