https://www.taxtmi.com/caselaws?id=31984 Interest under section 215 of the Income-tax Act, 1961 was held to be mandatory and compensatory, and the levy could not be cancelled merely because the assessee was not given an opportunity of hearing. Where advance tax paid fell below 75% of the assessed tax, the statutory conditions for charging interest were satisfied, and the Tribunal's annulment of the levy for want of hearing was therefore unsustainable. The issue was answered in favour of the Revenue and against the assessee. en-us Wed, 17 Dec 2008 00:00:00 +0530 Sun, 04 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31984 Interest under section 215 of the Income-tax Act, 1961 was held to be mandatory and compensatory, and the levy could not be cancelled merely because the assessee was not given an opportunity of hearing. Where advance tax paid fell below 75% of the assessed tax, the statutory conditions for charging interest were satisfied, and the Tribunal's annulment of the levy for want of hearing was therefore unsustainable. The issue was answered in favour of the Revenue and against the assessee. Case-Laws Income Tax Wed, 17 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31984