https://www.taxtmi.com/caselaws?id=58466 The ITAT Bombay-B allowed the appeal in favor of the assessee regarding the confirmation of interest levied under section 215 by the CIT (A) for the assessment year 1976-77. The ITAT held that interest liability should be based on the corrected income determined by the appellate authority, rather than the ITO's original assessment, ensuring fairness and consistency. It was concluded that interest under section 215 cannot be upheld if the advance tax paid is not less than 75% of the tax assessed based on the appellate or revisional authority's order. en-us Sat, 21 Aug 1982 00:00:00 +0530 Mon, 20 Dec 2010 11:38:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58466 The ITAT Bombay-B allowed the appeal in favor of the assessee regarding the confirmation of interest levied under section 215 by the CIT (A) for the assessment year 1976-77. The ITAT held that interest liability should be based on the corrected income determined by the appellate authority, rather than the ITO's original assessment, ensuring fairness and consistency. It was concluded that interest under section 215 cannot be upheld if the advance tax paid is not less than 75% of the tax assessed based on the appellate or revisional authority's order. Case-Laws Income Tax Sat, 21 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58466