https://www.taxtmi.com/caselaws?id=791123 Interest under section 234C was not leviable for advance tax instalments falling due before a newly set-up business commenced, because business income had not yet arisen and could not reasonably be estimated for those dates. The proviso to section 234C applies where the shortfall relates to first-time business income arising during the year, and section 3 treats the previous year of a newly set-up business as beginning from the date of setting up. On the admitted facts, the business began only in October 2019, so no business income existed for the June and September instalments. Recomputed interest had to exclude those instalments. en-us Thu, 30 Apr 2026 00:00:00 +0530 Wed, 06 May 2026 08:32:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791123 Interest under section 234C was not leviable for advance tax instalments falling due before a newly set-up business commenced, because business income had not yet arisen and could not reasonably be estimated for those dates. The proviso to section 234C applies where the shortfall relates to first-time business income arising during the year, and section 3 treats the previous year of a newly set-up business as beginning from the date of setting up. On the admitted facts, the business began only in October 2019, so no business income existed for the June and September instalments. Recomputed interest had to exclude those instalments. Case-Laws Income Tax Thu, 30 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791123