https://www.taxtmi.com/caselaws?id=38651 Interest on excess advance tax under section 214(1) accrues only when assessment is completed, because that is when the Government's liability and the assessee's corresponding right can be determined. The amended rate of 9 per cent. in force on the date of assessment therefore governed the whole period for which interest was payable, including 1 April 1967 to 30 September 1967. Applying the amended provision to that earlier period was not treated as retrospective operation, as the operative event was the post-amendment assessment and the section contained no saving clause preserving the earlier rate. en-us Tue, 07 Dec 1976 00:00:00 +0530 Thu, 08 Apr 2010 10:25:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38651 Interest on excess advance tax under section 214(1) accrues only when assessment is completed, because that is when the Government's liability and the assessee's corresponding right can be determined. The amended rate of 9 per cent. in force on the date of assessment therefore governed the whole period for which interest was payable, including 1 April 1967 to 30 September 1967. Applying the amended provision to that earlier period was not treated as retrospective operation, as the operative event was the post-amendment assessment and the section contained no saving clause preserving the earlier rate. Case-Laws Income Tax Tue, 07 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38651