Charging of interest U/s. 234B(1) in regular assessment not necessary for charging interest U/s. 234B(3)

CIT Vs M/s. Baby Marine Exports (Kerala High Court) If the regular assessment was upheld finally and there was a reassessment and re-computation of total income, the assessee would have been liable to pay advance tax to that extent also, on which, an interest would be levied under Section 234B(3). It is been held that a charge of interest under Section 234B(1) in regular assessment is not a necessary condition for charging interest under Section 234B(3). FULL TEXT OF THE HIGH COURT JUDGMENT / ORDER IS AS FOLLOWS:- The Revenue is in appeal before this Court raising questions of law from the ...