https://www.taxtmi.com/caselaws?id=10081 The High Court of Madras ruled in favor of the assessee, holding that interest under section 244(1A) of the Income-tax Act should be granted for advance tax paid before assessment. The Court emphasized that advance tax payments are intended to be adjusted against assessed tax, converting advance tax into actual tax upon assessment. The timing of payment does not preclude the entitlement to interest, as long as an excess amount is found after the appellate order. Denying interest based on payment timing would defeat the purpose of advance tax payments. The Court upheld the Tribunal's decision, awarding interest and costs to the assessee. en-us Tue, 02 Dec 2003 00:00:00 +0530 Tue, 07 Jul 2009 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10081 The High Court of Madras ruled in favor of the assessee, holding that interest under section 244(1A) of the Income-tax Act should be granted for advance tax paid before assessment. The Court emphasized that advance tax payments are intended to be adjusted against assessed tax, converting advance tax into actual tax upon assessment. The timing of payment does not preclude the entitlement to interest, as long as an excess amount is found after the appellate order. Denying interest based on payment timing would defeat the purpose of advance tax payments. The Court upheld the Tribunal's decision, awarding interest and costs to the assessee. Case-Laws Income Tax Tue, 02 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10081