https://www.taxtmi.com/caselaws?id=10641 The High Court ruled in favor of the assessee-corporation in a case involving the denial of interest under section 214 of the Income-tax Act for late payment of an advance tax instalment. The court held that interest on the second instalment was payable as long as the conditions of full payment and payment before the year-end were met. Additionally, the court granted the petitioner interest on interest for the period of delay in refunding the withheld amount, emphasizing that unlawfully withheld funds should attract interest. The Department was directed to assess and pay interest on the second instalment and interest on interest within a specified timeframe. en-us Wed, 15 Sep 2004 00:00:00 +0530 Mon, 20 Jul 2009 19:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10641 The High Court ruled in favor of the assessee-corporation in a case involving the denial of interest under section 214 of the Income-tax Act for late payment of an advance tax instalment. The court held that interest on the second instalment was payable as long as the conditions of full payment and payment before the year-end were met. Additionally, the court granted the petitioner interest on interest for the period of delay in refunding the withheld amount, emphasizing that unlawfully withheld funds should attract interest. The Department was directed to assess and pay interest on the second instalment and interest on interest within a specified timeframe. Case-Laws Income Tax Wed, 15 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10641