https://www.taxtmi.com/caselaws?id=37004 Interest under section 216 of the Income-tax Act is leviable only where the advance tax payable is underestimated in the manner required by the statute. A mere understatement of estimated current income, followed by a higher assessed income, is not enough because the scheme distinguishes between estimating income under section 212 and estimating advance tax payable on that income. The provision applies only if the assessee understated the advance tax payable and thereby reduced the instalments due. On the stated facts, section 216 could not be invoked because the advance tax payable itself was not underestimated. en-us Wed, 01 Sep 1976 00:00:00 +0530 Wed, 18 Jan 2017 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37004 Interest under section 216 of the Income-tax Act is leviable only where the advance tax payable is underestimated in the manner required by the statute. A mere understatement of estimated current income, followed by a higher assessed income, is not enough because the scheme distinguishes between estimating income under section 212 and estimating advance tax payable on that income. The provision applies only if the assessee understated the advance tax payable and thereby reduced the instalments due. On the stated facts, section 216 could not be invoked because the advance tax payable itself was not underestimated. Case-Laws Income Tax Wed, 01 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37004