https://www.taxtmi.com/caselaws?id=424464 The Tribunal allowed the assessee's appeals, directing the Assessing Officer to compute the refund of interest paid under Section 201(1A) in accordance with the tax deductible under the Act and the High Court's directions. It clarified that liability under Sections 201(1) and 201(1A) must be assessed separately, with interest under Section 201(1A) being compensatory and mandatory. The Tribunal emphasized that interest could be refunded if paid in excess of the legally due amount, ensuring compliance with the law and court directives. en-us Mon, 27 Jun 2022 00:00:00 +0530 Fri, 01 Jul 2022 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424464 The Tribunal allowed the assessee's appeals, directing the Assessing Officer to compute the refund of interest paid under Section 201(1A) in accordance with the tax deductible under the Act and the High Court's directions. It clarified that liability under Sections 201(1) and 201(1A) must be assessed separately, with interest under Section 201(1A) being compensatory and mandatory. The Tribunal emphasized that interest could be refunded if paid in excess of the legally due amount, ensuring compliance with the law and court directives. Case-Laws Income Tax Mon, 27 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424464