https://www.taxtmi.com/caselaws?id=19877 The High Court held that interest under section 217(1A) of the Income-tax Act, 1961 was payable by the respondent for the assessment year 1976-77, despite the dropping of penalty proceedings under section 273(c). Emphasizing the mandatory nature of advance tax payment and income estimates, the Court clarified that interest under section 217 is distinct from penalties and serves to compensate for delayed tax payments. The Court criticized the Tribunal's interpretation of relevant provisions and emphasized that the circular by the Central Board of Direct Taxes does not absolve the assessee of interest liability. The Court ruled in favor of the Revenue, directing a reconsideration by the Tribunal. en-us Mon, 18 Jul 1994 00:00:00 +0530 Tue, 10 Nov 2009 13:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19877 The High Court held that interest under section 217(1A) of the Income-tax Act, 1961 was payable by the respondent for the assessment year 1976-77, despite the dropping of penalty proceedings under section 273(c). Emphasizing the mandatory nature of advance tax payment and income estimates, the Court clarified that interest under section 217 is distinct from penalties and serves to compensate for delayed tax payments. The Court criticized the Tribunal's interpretation of relevant provisions and emphasized that the circular by the Central Board of Direct Taxes does not absolve the assessee of interest liability. The Court ruled in favor of the Revenue, directing a reconsideration by the Tribunal. Case-Laws Income Tax Mon, 18 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19877