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2008 (12) TMI 38 - HIGH PUNJAB AND HARYANA COURTWhether Tribunal was correct in law in upholding the order of CIT(A) canceling the interest charged u/s 215 - Tribunal set aside the levy of interest only on the ground that opportunity of hearing was not given to the assessee. It is not disputed that the said provision is mandatory and interest is in the nature of compensation and is leviable if advance tax paid was less than 75% of the assessed tax – therefore, question is answered in favour of revenue and against the assessee.
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