https://www.taxtmi.com/caselaws?id=373038 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) and confirmed that interest under section 234B of the Income Tax Act was correctly charged for non-payment of advance tax in reassessment proceedings, even if not initially levied under section 143(1). The Tribunal emphasized that interest under section 234B is mandatory once a default occurs, and the manner of calculating the interest is specified in the relevant subsections. In this case, the reassessment resulted from unexplained investments, leading to the assessee's liability to pay interest under section 234B(3). en-us Mon, 26 Nov 2018 00:00:00 +0530 Sat, 05 Jan 2019 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373038 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) and confirmed that interest under section 234B of the Income Tax Act was correctly charged for non-payment of advance tax in reassessment proceedings, even if not initially levied under section 143(1). The Tribunal emphasized that interest under section 234B is mandatory once a default occurs, and the manner of calculating the interest is specified in the relevant subsections. In this case, the reassessment resulted from unexplained investments, leading to the assessee's liability to pay interest under section 234B(3). Case-Laws Income Tax Mon, 26 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373038