https://www.taxtmi.com/caselaws?id=187606 The appeal by the revenue against the deletion of interest under Section 215/217 of the Income-tax Act, 1961 for the assessment year 1987-88 was dismissed. The Tribunal upheld the deletion of interest, stating the assessee was not liable to pay advance tax based on relevant court decisions. The High Court referred to a Division Bench judgment, emphasizing that interest under Section 234B and 234C can only be charged for a failure to pay advance tax, which was not the case here. The High Court ruled in favor of the assessee, holding they acted in good faith based on existing legal decisions and cannot be retrospectively held liable for advance tax. en-us Thu, 20 Sep 2007 00:00:00 +0530 Fri, 28 Oct 2016 12:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187606 The appeal by the revenue against the deletion of interest under Section 215/217 of the Income-tax Act, 1961 for the assessment year 1987-88 was dismissed. The Tribunal upheld the deletion of interest, stating the assessee was not liable to pay advance tax based on relevant court decisions. The High Court referred to a Division Bench judgment, emphasizing that interest under Section 234B and 234C can only be charged for a failure to pay advance tax, which was not the case here. The High Court ruled in favor of the assessee, holding they acted in good faith based on existing legal decisions and cannot be retrospectively held liable for advance tax. Case-Laws Income Tax Thu, 20 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187606