https://www.taxtmi.com/caselaws?id=357259 The court upheld the interest levy under Section 234B(3) for the assessment year 1996-97, following reassessment that resulted in increased tax liability. It rejected the Tribunal's interpretation, reinstating the Assessing Officer's order and confirming the interest levy based on the differential tax component. The court emphasized that the tax paid under Section 140A was refunded to the assessee with interest before the regular assessment, and thus, no further interest could be claimed. The appeal of the Revenue was allowed, and the court ruled in favor of the Revenue against the assessee. en-us Thu, 01 Mar 2018 00:00:00 +0530 Mon, 19 Mar 2018 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357259 The court upheld the interest levy under Section 234B(3) for the assessment year 1996-97, following reassessment that resulted in increased tax liability. It rejected the Tribunal's interpretation, reinstating the Assessing Officer's order and confirming the interest levy based on the differential tax component. The court emphasized that the tax paid under Section 140A was refunded to the assessee with interest before the regular assessment, and thus, no further interest could be claimed. The appeal of the Revenue was allowed, and the court ruled in favor of the Revenue against the assessee. Case-Laws Income Tax Thu, 01 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357259