https://www.taxtmi.com/caselaws?id=36947 The Tribunal held that the levy of interest under section 216 for assessment years 1967-68 and 1968-69 was not justified, as the estimates were bona fide and based on actual accounts. Similarly, for assessment years 1969-70 and 1970-71, the Tribunal found the interest levy unjustified, leading to the dismissal of the department's appeals and deletion of interest for all installments. The High Court affirmed these decisions, emphasizing that interest under section 216 is discretionary and ruled in favor of the assessee, awarding costs against the revenue. en-us Thu, 29 Nov 1979 00:00:00 +0530 Thu, 25 Mar 2010 15:37:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36947 The Tribunal held that the levy of interest under section 216 for assessment years 1967-68 and 1968-69 was not justified, as the estimates were bona fide and based on actual accounts. Similarly, for assessment years 1969-70 and 1970-71, the Tribunal found the interest levy unjustified, leading to the dismissal of the department's appeals and deletion of interest for all installments. The High Court affirmed these decisions, emphasizing that interest under section 216 is discretionary and ruled in favor of the assessee, awarding costs against the revenue. Case-Laws Income Tax Thu, 29 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36947