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NR shipping Co. opted for regular assessment liable to pay interest for any shortfall in payment of advance tax

November 8, 2019[2019] 110 416 (Kerala)/[2019] 416 ITR 271 (Kerala)

INCOME TAX : Pursuant to option being exercised by assessee under section 172(7), if advance tax payment is in excess then assessee is entitled to interest on refund and likewise, if there is shortfall, Department can demand interest under sections 234A, 234B and 234C for such shortfall as provided in statute
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