https://www.taxtmi.com/caselaws?id=338528 The High Court held that interest accrued annually and the reduction in interest rate could be applied before the end of the assessment year. The Court ruled in favor of the assessee, emphasizing that interest accrued yearly, not daily or monthly, and that the Tribunal's decision on the accrual of interest and the reduction in interest rate was not justified. The reference was answered in favor of the assessee, disposing of the case accordingly. en-us Tue, 09 Aug 2016 00:00:00 +0530 Mon, 06 Feb 2017 11:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338528 The High Court held that interest accrued annually and the reduction in interest rate could be applied before the end of the assessment year. The Court ruled in favor of the assessee, emphasizing that interest accrued yearly, not daily or monthly, and that the Tribunal's decision on the accrual of interest and the reduction in interest rate was not justified. The reference was answered in favor of the assessee, disposing of the case accordingly. Case-Laws Income Tax Tue, 09 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338528