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2005 (2) TMI 76 - HC - Income TaxInterest levied under section 215 – under estimation of advance tax - 'Whether Tribunal is right in law and on facts in deleting the interest levied under section 215 of the Act when the additions made by the Assessing Officer were confirmed by the Tribunal and the advance tax paid by the assessee was less than 75 per cent, of the assessed tax?" - Nothing has been brought on record to rebut the finding of fact, viz., the method of valuation of closing stock being identical in past years. In the circumstances, it is not possible to state in the light of the scheme of computation of payment of advance tax that the assessee had committed any default by virtue of which, the assessee became liable to be charged interest under section 215 – Tribunal was right in law in deleting the interest levied under section 215
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