Court : Mumbai
Reported in : [1990]186ITR375(Bom)
s.p. bharucha, j.1. the question raised by the assessee reads thus :'whether the interest payable by the government under section 214(1) of the income-tax act, 1961, is to be calculated on the excess advance tax payment found with reference to the amount of tax determined on the first or the original assessment made by the income-tax officer or with reference to the amount of tax determined on the subsequent or the revised assessment made by the income-tax officer giving effect to the appellate orders ?'2. the question has to be answered, it is agreed, in the light of the full bench judgment of this court in cit v. carona sahu co. ltd. : [1984]146itr452(bom) . following that judgment, the question is answered thus : the interest payable under section 214(1) of the income-tax act, 1961, is to be calculated on the excess advance tax payment found with reference to the amount of tax determined on the first or the original assessment made by the income-tax officer.3. no order as to costs.
Tag this Judgment!Court : Mumbai
Reported in : [1987]169ITR314(Bom)
..... the instance of the revenue, the following question :'whether, on the facts and in the circumstances of the case, interest is payable by the government under section 214 of the income-tax act, 1961, up to the date of the original assessment or to the date of the rectification order ?'2. the only facts that need to be stated are that the assessee had ..... rectification. perusal of paragraph 3 of the instruction of the central board of direct taxes shows that the central board of taxes had taken the terminus for calculating interest under section 214 of the income-tax act, 1961, into account. it is stated that the terminus could not be altered merely because the income assessed had undergone a change as a result of appeal or revision. it .....
Tag this Judgment!Court : Gujarat
Reported in : (2006)204CTR(Guj)441; [2008]296ITR577(Guj)
..... the petitioner had submitted a `nil' estimate of advance tax under section 210 of the income tax act, 1961 (the act) on 11th september, 1987. subsequently, on 15th march 1988, the assessee submitted revised estimate of income of rs. 2,10,00,000/- and paid advance tax of rs. 92,90,000/- thereon. thereafter, on ..... 28th march 1988, the petitioner submitted another revised estimate of income of rs. 3,43,50,000/- and paid the differential amount of advance tax ..... officer framed assessment under section 143(3) of the act on 30th january 1991 computing refund at rs. 79,265/-. the petitioner carried the matter in appeal before the commissioner of income tax (appeals) [cit (appeals)]. consequent to the order of the cit (appeals), the petitioner became entitled to a further refund .....
Tag this Judgment!Court : Allahabad
Reported in : [2005]144TAXMAN682(All)
..... tribunal, allahabad has referred the following two questions of law under section 256(1) of the income tax act, 1961, hereinafter referred to as the act, for opinion to this court.'1. whether, on the facts and in circumstances of the case, the incon-lctax appellate tribunal was correct in law in holding ..... assessment to the date of making refund, on the amount refundable as a result of excess amount paid only as a result of proceedings under section 155 of the income tax act, subsequent to the regular assessment?'2. briefly stated the facts giving rise to the present reference are as follows:the reference relates to the assessment year 1974-75. ..... the excess amount paid during the financial year on the date subsequent to the date fixed under section 211 of the income tax act for payment of such instalment.2. whether, on the facts and circumstances of the case, the income tax appellate tribunal was correct in law in holding that the interest under section 214(2) is payable to the assessee, .....
Tag this Judgment!Court : Delhi
Reported in : (2005)193CTR(Del)659; [2005]142TAXMAN445(Delhi)
..... for the petitioner has pointed out that though as per the statute there is no provision for payment of interest on interest, however, the supreme court in the case of cit v. narendra doshi : [2002]254itr606(sc) awarded interest on interest and has accepted the principle laid down in the decision of the gujarat high court in d.j. works v ..... . dy. cit : [1992]195itr227(guj) which was subsequently followed by the gujarat high court in chimanlal s. patel v. cit : [1994]210itr419(guj) . the latter decision of the gujarat high court has considered the very provisions which are in question in ..... orderthis writ petition was originally filed as the refund of the excess advance tax was made to the petitioner. during the pendency of the writ petition, the refund was made along with interest thereon. there is no dispute with regard to that. the only .....
Tag this Judgment!Court : Chennai
Reported in : [2000]245ITR464(Mad)
..... before the respondent herein and in which he has passed the order impugned in this writ petition. 7. at this stage, it is relevant to extract section 214 of the income-tax act, 1961, which is dealing with the subject 'interest payable by government' which runs as follows : '214. (1) the central government shall pay simple interest at fifteen per cent, per annum on ..... the order twice on january 30, 1988, and february 20, 1988, giving effect to a rectification under section 154 and a revision of the assessment by the commissioner of income-tax under section 263 of the income-tax act. the petitioner has paid the taxes as demanded as a result of these revisions. subsequently, the petitioner filed an appeal against the order of the commissioner of .....
Tag this Judgment!Court : Chennai
Reported in : [1977]110ITR322(Mad)
..... , 1967, namely, the date on which the corresponding provision of the ordinance came into force. consequently, with effect from october 1, 1967, section 214(1) of the income-tax act, 1961, stood amended by the substitution of 9 per cent. for 6 per cent.3. in the present case, the assessment for the assessment year 1967-68 was completed by ..... 14, 1967. section 4 of that ordinance, in addition to others, substituted 9 per cent. for the words ' 6 per cent.' in section 214(1) of the income-tax act, 1961, extracted above. sub-section (2) of section 1 of this ordinance provided that the above section in the ordinance, namely, section 4, shall come into force on the ..... circumstances of the case, the appellate tribunal was right in holding that the increased rate of interest payable under the provisions of section 214 of the income-tax act, 1961, as amended by the taxation laws (amendment) act of 1967 at 9 per cent. is applicable for the period from april 1, 1967, to september 30, 1967 '4. we are of .....
Tag this Judgment!Court : Mumbai
Reported in : 2006(1)BomCR528; (2006)205CTR(Bom)34; [2006]286ITR86(Bom)
..... back in the year 1992 and has been pending for final determination. the petition seeks to challenge the order dated 30th january 1992 passed by the commissioner of income tax under section 264 of the income tax act, 1961 rejecting the revision filed by the petitioner.3. the facts leading to this revision and the said order dated 30th january 1992 are as follows:-for assessment ..... disallowances. as per the assessment order, the assessing officer granted the petitioner refund of rs. 10,25,207/- inclusive of interest. it may be noted that section 214 of the income tax act, 1961 came to be amended on 1st april 1985 whereby interest payable by the government to the assessee could be increased or reduced by the assessing officer while giving effect to .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]186ITR217(Cal)
padma khastgir, j. 1. in this appeal, a short point for consideration is as to the meaning and interpretation of the expression 'regular assessment' under section 214 of the income-tax act, 1961. section 214of the income-tax act, 1961, provides as follows :'214. interest payable by government. -- (1) the central government shall pay simple interest at twelve per cent, per annum on the amount by which the aggregate ..... considered the question of date of assessment at a time when there was no definition of 'regular assessment' as provided under section 2, subsection (40), of the income-tax act, 1961, which had no corresponding provision under the act of 1922. similarly, the case in k. gopalaswami mudaliar v. fifth addl. ito : [1963]49itr322(mad) was clearly distinguished by the learned court below. both the .....
Tag this Judgment!Court : Kerala
Reported in : [1992]197ITR439(Ker)
..... the effect that an assessment or reassessment under section 147 is not a regular assessment. that decision was regarding the interpretation of section 214 of the income-tax act, 1961, and the question as in this case did not arise at all therein. any observation made in a decision has to be understood in the context in which it ..... the matter also, we are clearly of the opinion that an assessment as in the present case will be a regular assessment for the purpose of section 217 of the income-tax act, 1961.23. it was pointed out that there is an observation in a full bench decision of this court in g.b. transports' case : [1985]155itr548(ker) to ..... he then was) made it clear that they have not considered the question as to whether any distinction has to be drawn on the basis of the provisions of the income-tax act, 1961, in respect of an assessment for the first time made under section 147. it is pertinent to note the following observations made by the learned judge (at page .....
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