HC decline waiver of interest as appellant not challenged the order levying interest

Bennett Coleman & Co. Ltd. Vs DCIT (Bombay High Court) Section 215 of the Act makes it clear that the Assessee is required to pay interest where he has paid advance tax less than 75% of the assessed tax, the Assessee is required to pay simple interest @ 15% p.a. from the first day of April following the financial year up to the date of regular assessment. The Supreme Court has summed up in the case of Modi Industries Ltd. (Supra) by saying that the expression “regular assessment” has been used in the Income Tax Act in no other sense than the first order of assessment under Section 143 ...