https://www.taxtmi.com/caselaws?id=36952 The court ruled in favor of the petitioner, holding that interest under section 214 of the Income Tax Act cannot be denied solely based on late payment of advance tax instalments. The court emphasized that interest is payable if the aggregate sum of advance tax paid during the financial year exceeds the tax determined on regular assessment, regardless of the specific payment dates. The court set aside the decision of the tax authorities and directed the respondent to pay interest at 12% on the excess amount from April 1, 1975, until the date of regular assessment, along with costs to the petitioner. en-us Fri, 18 Jan 1980 00:00:00 +0530 Thu, 25 Mar 2010 15:45:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36952 The court ruled in favor of the petitioner, holding that interest under section 214 of the Income Tax Act cannot be denied solely based on late payment of advance tax instalments. The court emphasized that interest is payable if the aggregate sum of advance tax paid during the financial year exceeds the tax determined on regular assessment, regardless of the specific payment dates. The court set aside the decision of the tax authorities and directed the respondent to pay interest at 12% on the excess amount from April 1, 1975, until the date of regular assessment, along with costs to the petitioner. Case-Laws Income Tax Fri, 18 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36952