https://www.taxtmi.com/caselaws?id=59345 Interest under section 234A is compensatory and must be computed on tax payable after reducing amounts already paid before filing the return, even if such payment was made after the close of the financial year and not strictly as instalment advance tax under Chapter XVII-C. The Tribunal read the term "advance tax" in its contextual, generic sense because the provision is aimed at preventing interest on money already with the Revenue where there is no continued retention by the assessee. On that basis, the tax payment made on 30 June 2000 was to be excluded while calculating section 234A interest, and the assessee succeeded on this issue. en-us Fri, 16 Jun 2006 00:00:00 +0530 Thu, 28 Jun 2012 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59345 Interest under section 234A is compensatory and must be computed on tax payable after reducing amounts already paid before filing the return, even if such payment was made after the close of the financial year and not strictly as instalment advance tax under Chapter XVII-C. The Tribunal read the term "advance tax" in its contextual, generic sense because the provision is aimed at preventing interest on money already with the Revenue where there is no continued retention by the assessee. On that basis, the tax payment made on 30 June 2000 was to be excluded while calculating section 234A interest, and the assessee succeeded on this issue. Case-Laws Income Tax Fri, 16 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59345