Judgment:
Arijit Pasayat, C.J.
1. Accepting the prayer made in terms of Section 256(1) of the Income-tax Act, 1961 (for short 'the Act'), the following question has been referred by the Income-tax Appellate Tribunal, Delhi Bench 'D' (in short 'the Tribunal'), for the opinion of this court :
'Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the assessed was entitled to interest on the entire refund amount of Rs. 19,71,005 which also included part payment made by the assessed under Section 140A(1) ?'
2. The dispute relates to the assessment year 1976-77. We find that the Tribunal relied on the decision of this court in National Agricultural Cooperative Marketing Federation of India Ltd. v. Union of India : [1981]130ITR928(Delhi) to grant relief to the assessed in terms of Section 214 of the Act. The issue involved appears to have been considered by the apex court in Modi Industries Ltd. v. CIT : [1995]216ITR759(SC) .
3. In our considered view it would be appropriate if the Tribunal hears the appeal afresh and decides the matter keeping in view the guidelines and the position as summarised in Modi Industries' case : [1995]216ITR759(SC) . Ordered accordingly.
4. The reference stands disposed of.