https://www.taxtmi.com/caselaws?id=57869 The Tribunal upheld the assessing officer's decision to charge interest under section 216 of the IT Act to the assessee engaged in construction work in India and abroad. The Tribunal found a consistent pattern of deliberate underestimation by the assessee, justifying the interest levy despite relief granted by the ld. CIT(A) based on the complexity of determining profits. The Tribunal distinguished the case from a previous decision and rejected the applicability of a Gujarat High Court ruling cited by the assessee's counsel. The revenue's appeal was allowed, canceling the relief granted and restoring the interest levy under section 216. en-us Wed, 29 Mar 1995 00:00:00 +0530 Wed, 15 Dec 2010 10:53:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57869 The Tribunal upheld the assessing officer's decision to charge interest under section 216 of the IT Act to the assessee engaged in construction work in India and abroad. The Tribunal found a consistent pattern of deliberate underestimation by the assessee, justifying the interest levy despite relief granted by the ld. CIT(A) based on the complexity of determining profits. The Tribunal distinguished the case from a previous decision and rejected the applicability of a Gujarat High Court ruling cited by the assessee's counsel. The revenue's appeal was allowed, canceling the relief granted and restoring the interest levy under section 216. Case-Laws Income Tax Wed, 29 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57869