https://www.taxtmi.com/caselaws?id=28064 Advance tax paid after the due date but before the close of the accounting year, and accepted by the Revenue, retains its character as advance tax for interest under section 214 of the Income-tax Act, 1961. Construing sections 211 and 214 together, the Madras HC view is that punctual payment on each instalment date is not indispensable where the payment is received before year-end. Any default consequences for late payment do not alter the nature of the amount once accepted by the Department. On that basis, excess advance tax remains eligible for interest under section 214. en-us Tue, 07 Feb 1984 00:00:00 +0530 Wed, 17 Feb 2010 17:51:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28064 Advance tax paid after the due date but before the close of the accounting year, and accepted by the Revenue, retains its character as advance tax for interest under section 214 of the Income-tax Act, 1961. Construing sections 211 and 214 together, the Madras HC view is that punctual payment on each instalment date is not indispensable where the payment is received before year-end. Any default consequences for late payment do not alter the nature of the amount once accepted by the Department. On that basis, excess advance tax remains eligible for interest under section 214. Case-Laws Income Tax Tue, 07 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28064