https://www.taxtmi.com/caselaws?id=19534 Advance surtax paid belatedly but within the financial year was treated as advance surtax for computing interest under section 7C(2) of the Companies (Profits) Surtax Act, 1964. The Kerala HC held that section 7C is compensatory and targets default during the financial year, so interest cannot be levied on amounts already paid within that year. The definition of "assessed surtax" in section 7C(7) could not be read to require interest on the full assessed surtax without credit for such payment. Accordingly, the belated in-year payment had to be deducted in computing interest, and the Revenue's request for reference failed. en-us Thu, 06 Oct 1994 00:00:00 +0530 Fri, 06 Nov 2009 17:37:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19534 Advance surtax paid belatedly but within the financial year was treated as advance surtax for computing interest under section 7C(2) of the Companies (Profits) Surtax Act, 1964. The Kerala HC held that section 7C is compensatory and targets default during the financial year, so interest cannot be levied on amounts already paid within that year. The definition of "assessed surtax" in section 7C(7) could not be read to require interest on the full assessed surtax without credit for such payment. Accordingly, the belated in-year payment had to be deducted in computing interest, and the Revenue's request for reference failed. Case-Laws Income Tax Thu, 06 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19534