https://www.taxtmi.com/caselaws?id=13607 Interest under sections 234A and 234B of the Income-tax Act is stated to be chargeable with reference to assessed income, because the provisions link interest to tax on total income determined on assessment after reduction of advance tax and tax deducted at source. The Finance Act, 2001 amendments were treated as clarificatory, removing doubt about the earlier basis rather than creating a new levy. On that footing, retrospective operation from 1 April 1989 was held constitutionally permissible, as the amendment was viewed as reasonable and not arbitrary, discriminatory, or confiscatory. en-us Fri, 16 Dec 2005 00:00:00 +0530 Sat, 30 May 2009 15:59:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13607 Interest under sections 234A and 234B of the Income-tax Act is stated to be chargeable with reference to assessed income, because the provisions link interest to tax on total income determined on assessment after reduction of advance tax and tax deducted at source. The Finance Act, 2001 amendments were treated as clarificatory, removing doubt about the earlier basis rather than creating a new levy. On that footing, retrospective operation from 1 April 1989 was held constitutionally permissible, as the amendment was viewed as reasonable and not arbitrary, discriminatory, or confiscatory. Case-Laws Income Tax Fri, 16 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13607