https://www.taxtmi.com/caselaws?id=19866 The court ruled against the assessee on the issue of levy of interest under section 216, emphasizing that underestimation of current income cannot be excluded when determining underestimation of advance tax. It rejected the contention that underestimation of income should not be considered for levying interest under section 216, as the estimation of advance tax is linked to the estimate of current income. Additionally, the court ruled in favor of the Revenue on the deductibility of surtax liability in computing income from business, following a previous decision and holding that the surtax liability was not deductible. en-us Thu, 16 Dec 1993 00:00:00 +0530 Tue, 10 Nov 2009 12:43:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19866 The court ruled against the assessee on the issue of levy of interest under section 216, emphasizing that underestimation of current income cannot be excluded when determining underestimation of advance tax. It rejected the contention that underestimation of income should not be considered for levying interest under section 216, as the estimation of advance tax is linked to the estimate of current income. Additionally, the court ruled in favor of the Revenue on the deductibility of surtax liability in computing income from business, following a previous decision and holding that the surtax liability was not deductible. Case-Laws Income Tax Thu, 16 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19866