https://www.taxtmi.com/caselaws?id=9788 Interest under section 7C of the Companies (Profits) Surtax Act, 1964 was leviable where the assessee filed a nil estimate and paid no advance surtax, because section 7A required advance payment on the basis of the assessee's own estimate and section 7C applied whenever advance surtax fell below eighty-three and one-third per cent of the assessed surtax. The court held that complete non-payment did not take the case outside the statutory interest provision, as the scheme was designed to ensure compliance with the prescribed advance-tax threshold. The levy was therefore upheld and the issue was answered against the assessee and in favour of the Revenue. en-us Mon, 30 Jan 2006 00:00:00 +0530 Wed, 01 Jul 2009 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9788 Interest under section 7C of the Companies (Profits) Surtax Act, 1964 was leviable where the assessee filed a nil estimate and paid no advance surtax, because section 7A required advance payment on the basis of the assessee's own estimate and section 7C applied whenever advance surtax fell below eighty-three and one-third per cent of the assessed surtax. The court held that complete non-payment did not take the case outside the statutory interest provision, as the scheme was designed to ensure compliance with the prescribed advance-tax threshold. The levy was therefore upheld and the issue was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Mon, 30 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9788