https://www.taxtmi.com/caselaws?id=16145 The High Court ruled in favor of the Revenue in a case involving the cancellation of an order passed under section 263 of the Income-tax Act, 1961, and the entitlement to interest under section 214 based on a change in the accounting year. The Court held that the assessee was not entitled to claim interest on advance tax payments due to the change in the accounting year, as the amount paid lost its character as advance tax. The judgment clarified that interest under section 214 applies only to amounts paid as advance tax during the relevant financial year, denying the assessee's claim for interest and upholding the Commissioner's decision. en-us Mon, 05 Apr 1999 00:00:00 +0530 Tue, 01 Sep 2009 13:38:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16145 The High Court ruled in favor of the Revenue in a case involving the cancellation of an order passed under section 263 of the Income-tax Act, 1961, and the entitlement to interest under section 214 based on a change in the accounting year. The Court held that the assessee was not entitled to claim interest on advance tax payments due to the change in the accounting year, as the amount paid lost its character as advance tax. The judgment clarified that interest under section 214 applies only to amounts paid as advance tax during the relevant financial year, denying the assessee's claim for interest and upholding the Commissioner's decision. Case-Laws Income Tax Mon, 05 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16145