https://www.taxtmi.com/caselaws?id=36380 The court affirmed the Tribunal's decision, ruling in favor of the assessee regarding the correct interpretation of section 215 of the Income-tax Act, 1961. It held that the shortfall in advance tax payment should be determined by comparing the tax paid with the rates applicable to the assessment year, not the financial year. The court emphasized that variations in tax rates should be based on the assessment year's rates, not the financial year's rates. Each party was ordered to bear its own costs. en-us Tue, 05 Aug 1980 00:00:00 +0530 Mon, 22 Mar 2010 10:44:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36380 The court affirmed the Tribunal's decision, ruling in favor of the assessee regarding the correct interpretation of section 215 of the Income-tax Act, 1961. It held that the shortfall in advance tax payment should be determined by comparing the tax paid with the rates applicable to the assessment year, not the financial year. The court emphasized that variations in tax rates should be based on the assessment year's rates, not the financial year's rates. Each party was ordered to bear its own costs. Case-Laws Income Tax Tue, 05 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36380