https://www.taxtmi.com/caselaws?id=24065 The High Court ruled in favor of the Revenue, denying interest on advance tax payments made after December 15, 1971, for the assessment year 1972-73. The court clarified that interest is payable only on aggregate advance tax payments exceeding the assessed tax until the assessment for the subsequent year. The court partially favored the assessee for a payment made on December 21, 1971, but rejected the claim for interest on the balance amount. The decision upheld the Revenue's position on interest calculation and refund based on final assessment, concluding the case without costs. en-us Thu, 24 Nov 1988 00:00:00 +0530 Sat, 16 Jan 2010 13:29:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24065 The High Court ruled in favor of the Revenue, denying interest on advance tax payments made after December 15, 1971, for the assessment year 1972-73. The court clarified that interest is payable only on aggregate advance tax payments exceeding the assessed tax until the assessment for the subsequent year. The court partially favored the assessee for a payment made on December 21, 1971, but rejected the claim for interest on the balance amount. The decision upheld the Revenue's position on interest calculation and refund based on final assessment, concluding the case without costs. Case-Laws Income Tax Thu, 24 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24065