https://www.taxtmi.com/caselaws?id=20917 The court ruled in favor of the assessee, holding that any amount paid towards advance tax during the financial year should be considered for calculating interest on the excess amount under Section 214(1) of the Income-tax Act, 1961. The court concluded that the assessee was entitled to interest on the refundable amount, even though payments were not made on specified dates but within the financial year. This decision overturned the precedent set in Kangundi Industrial Works' case, aligning with the views of various High Courts that excess advance tax paid during the financial year should attract interest under Section 214. en-us Tue, 16 Jun 1992 00:00:00 +0530 Wed, 18 Nov 2009 10:54:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20917 The court ruled in favor of the assessee, holding that any amount paid towards advance tax during the financial year should be considered for calculating interest on the excess amount under Section 214(1) of the Income-tax Act, 1961. The court concluded that the assessee was entitled to interest on the refundable amount, even though payments were not made on specified dates but within the financial year. This decision overturned the precedent set in Kangundi Industrial Works' case, aligning with the views of various High Courts that excess advance tax paid during the financial year should attract interest under Section 214. Case-Laws Income Tax Tue, 16 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20917