https://www.taxtmi.com/caselaws?id=27714 The court held that the refusal to waive interest payable under section 215 by the Income Tax Officer was erroneous in law. The petitioner, a public limited company, had made a good faith estimate of its income for advance tax purposes, which was later disputed by the tax authorities. The court found that the petitioner's estimate was bona fide and supported by decisions of the Income-tax Appellate Tribunal, justifying the waiver of interest. As a result, the court issued a writ directing the waiver of the interest determined to be payable under section 215, making the rule absolute with no order as to costs. en-us Mon, 14 Feb 1983 00:00:00 +0530 Mon, 15 Feb 2010 15:37:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27714 The court held that the refusal to waive interest payable under section 215 by the Income Tax Officer was erroneous in law. The petitioner, a public limited company, had made a good faith estimate of its income for advance tax purposes, which was later disputed by the tax authorities. The court found that the petitioner's estimate was bona fide and supported by decisions of the Income-tax Appellate Tribunal, justifying the waiver of interest. As a result, the court issued a writ directing the waiver of the interest determined to be payable under section 215, making the rule absolute with no order as to costs. Case-Laws Income Tax Mon, 14 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27714