SC differs with Judgement granting Interest on excess TDS & Advance Tax

SUPREME COURT OF INDIA Commissioner of Income-tax V/s. Gujarat Flouro Chemicals civil APPEAL NO. 11406 OF 2008 AUGUST 23, 2012 JUDGMENT The short point which arises in the present case is :- What is the character of Tax Deductible at Source (TDS)/Advance Tax under the Income Tax Act, 1961? Advance Tax is leviable in the very year in which income accrues or arises. It is normally paid in three installments. A similar situation arises in the case of TDS. It is Tax Deductible at Source which is also called as ‘Withholding Tax’ under Section 195 of the Income Tax Act, ...