https://www.taxtmi.com/caselaws?id=330698 The Tribunal allowed the appeals, directing the AO to recalculate interest under Section 234B in accordance with the correct interpretation of the provisions. It held that interest under Section 234B(1) and Section 234B(3) are complementary, not mutually exclusive, and should be calculated from the date of the initial assessment or intimation. The Tribunal disagreed with the CIT(A)'s interpretation, instructing the AO to modify the interest levied accordingly. The appeals were allowed for statistical purposes, with a directive to recalculate interest as per the Tribunal's findings. en-us Fri, 15 Jul 2016 00:00:00 +0530 Sat, 19 Nov 2016 14:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330698 The Tribunal allowed the appeals, directing the AO to recalculate interest under Section 234B in accordance with the correct interpretation of the provisions. It held that interest under Section 234B(1) and Section 234B(3) are complementary, not mutually exclusive, and should be calculated from the date of the initial assessment or intimation. The Tribunal disagreed with the CIT(A)'s interpretation, instructing the AO to modify the interest levied accordingly. The appeals were allowed for statistical purposes, with a directive to recalculate interest as per the Tribunal's findings. Case-Laws Income Tax Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330698