Interest u/s 215 cannot be levied if partner had paid advance tax in individual capacity on bonafide estimate of firm’s income

Brief of the case:

Punjab & Haryana High Court in CIT Vs M/s Mahesh Munjal HUF held that if the assesse had paid advance tax in his individual capacity after considering his estimated share in his firm’s income without any anticipation that the firm’s income on which he was paying advance tax was false then interest u/s 215 could not be levied. Moreover as the assesse had no reason to believe that the accounts of the firm in which he was partner was false and he had paid advance tax on the same.

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