https://www.taxtmi.com/caselaws?id=352254 The ITAT partially allowed the appeal, instructing the Assessing Officer to recalculate the interest levy under section 201(1A) of the Income-tax Act, 1961. The ITAT held that interest should be charged only for the period exceeding one month from the date of deduction to the date of deposit, emphasizing that interest serves as compensation for the time value of money. The Assessing Officer was directed to adjust the interest calculation based on the delay in depositing the tax at source, rejecting the appellant's argument that levying interest for a one-day delay was too harsh. en-us Thu, 30 Nov 2017 00:00:00 +0530 Mon, 11 Dec 2017 08:14:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352254 The ITAT partially allowed the appeal, instructing the Assessing Officer to recalculate the interest levy under section 201(1A) of the Income-tax Act, 1961. The ITAT held that interest should be charged only for the period exceeding one month from the date of deduction to the date of deposit, emphasizing that interest serves as compensation for the time value of money. The Assessing Officer was directed to adjust the interest calculation based on the delay in depositing the tax at source, rejecting the appellant's argument that levying interest for a one-day delay was too harsh. Case-Laws Income Tax Thu, 30 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352254