https://www.taxtmi.com/caselaws?id=58545 The appeal was allowed in part by ITAT BOMBAY-C, concerning the charging of interest under section 216 of the Income-tax Act, 1961. The Tribunal ruled in favor of the assessee, setting aside the levy of interest under section 216. This decision was based on the distinction between statements and estimates under section 209A, highlighting that interest under section 216 could only be imposed in case of an under-estimate, which required the filing of an estimate. Since the assessee had not filed an estimate for the first two instalments, the Tribunal ruled in favor of the assessee, thereby setting aside the interest charged under section 216. en-us Mon, 25 Jul 1983 00:00:00 +0530 Mon, 20 Dec 2010 15:28:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58545 The appeal was allowed in part by ITAT BOMBAY-C, concerning the charging of interest under section 216 of the Income-tax Act, 1961. The Tribunal ruled in favor of the assessee, setting aside the levy of interest under section 216. This decision was based on the distinction between statements and estimates under section 209A, highlighting that interest under section 216 could only be imposed in case of an under-estimate, which required the filing of an estimate. Since the assessee had not filed an estimate for the first two instalments, the Tribunal ruled in favor of the assessee, thereby setting aside the interest charged under section 216. Case-Laws Income Tax Mon, 25 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58545