https://www.taxtmi.com/caselaws?id=19260 The High Court of Gujarat ruled in favor of the assessee, holding that the interest amounting to Rs. 21,840 under section 216 of the Income-tax Act was not payable. The court emphasized that the levy of interest for underestimation of advance tax is discretionary and should only apply in cases of deliberate or intentional underestimation. Referring to relevant case law, the court found that the assessee had valid grounds for the estimate provided and that the interest was not justified in this instance. The court disposed of the reference in favor of the assessee, with no order as to costs. en-us Fri, 28 Oct 1994 00:00:00 +0530 Thu, 05 Nov 2009 10:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19260 The High Court of Gujarat ruled in favor of the assessee, holding that the interest amounting to Rs. 21,840 under section 216 of the Income-tax Act was not payable. The court emphasized that the levy of interest for underestimation of advance tax is discretionary and should only apply in cases of deliberate or intentional underestimation. Referring to relevant case law, the court found that the assessee had valid grounds for the estimate provided and that the interest was not justified in this instance. The court disposed of the reference in favor of the assessee, with no order as to costs. Case-Laws Income Tax Fri, 28 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19260