https://www.taxtmi.com/caselaws?id=21671 The High Court ruled in favor of the assessee, holding that interest under section 216 of the Income-tax Act was not applicable as the assessee had filed a statement under section 209A(1)(a) without the need to estimate income. The Court emphasized the distinction between a statement and an estimate, highlighting that interest is attracted only when an estimate is found to be an underestimate compared to subsequent estimates. The judgment favored interpreting provisions in favor of the taxpayer, particularly in cases involving penal interest, and answered the reference question affirmatively in favor of the assessee, with no order as to costs. en-us Wed, 24 Apr 1991 00:00:00 +0530 Thu, 26 Nov 2009 16:19:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21671 The High Court ruled in favor of the assessee, holding that interest under section 216 of the Income-tax Act was not applicable as the assessee had filed a statement under section 209A(1)(a) without the need to estimate income. The Court emphasized the distinction between a statement and an estimate, highlighting that interest is attracted only when an estimate is found to be an underestimate compared to subsequent estimates. The judgment favored interpreting provisions in favor of the taxpayer, particularly in cases involving penal interest, and answered the reference question affirmatively in favor of the assessee, with no order as to costs. Case-Laws Income Tax Wed, 24 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21671