Court : Allahabad
Reported in : [2005]144TAXMAN833(All)
..... in the business of manufacture and sale of vanaspati. the assessment years involved are 1970-71 and 1971-72.the income tax officer for these two assessment years did not redetermine the interest payable under section 214 of the income tax act, 1961. however, in appeal the commissioner (appeals) following the decision of this court in the case of lala laxmipat ..... tribunal, delhi 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:'(i) whether on the facts and in the circumstances of the case the tribunal was justified in holding that the ..... singhania v. cit : [1977]110itr289(all) had held that the liability to pay the interest on the excess amount of advance tax deposited would be only up to the date .....
Tag this Judgment!Court : Delhi
Reported in : (2001)168CTR(Del)407; [2001]249ITR527(Delhi)
..... at the instance of the revenue, the following question has been referred for the opinion of this court by the income-tax appellate tribunal, new delhi (in short, the 'tribunal'), under section 256(1) of the income-tax act, 1961 (in short 'the act') :-'whether, on the facts and in the circumstances of the case, the tribunal is right in holding that ..... is entitled to interest under section 244 on the amount of interest amounting to rs. 1,90,499 payable under section 214 of the income-tax act, 1961 ?'2. the dispute relates to the assessment year 1967-68.3. the factual position which is almost undisputed is essentially as follows:the assessed had paid advance ..... refund in cash but adjustedit against the demand for the assessment year 1968-69. the assessed claimed interest on the advance tax paid by it under section 214 of the act. this was partly denied by the income-tax officer vide his order dated august 16, 1974. the assessed went in appeal to the appellate assistant commissioner (in, short .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1998)150CTR(SC)607; [1998]233ITR50(SC); (2000)10SCC513
..... the assets comprising service lines acquired prior to april 1, 1961, which written down value had been correctly arrived at under the indian income-tax act, 1922, was required for the assessment years 1968-69 and 1969-70 by virtue of the definition of 'actual cost' introduced by the income-tax act, 1961, with effect from the assessment year 1962-63 ?(iv ..... ) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the income-tax officer was justified in withdrawing the interest of rs. 14,64,130 ..... direction given by the higher authority will not be a regular assessment. the higher authority may direct the income-tax officer to modify his order. the higher authority may also set aside the order and direct the income-tax officer to pass a fresh order of assessment. in neither of these two cases will the consequential .....
Tag this Judgment!Court : Chennai
Reported in : [1998]231ITR929(Mad)
..... opinion of this court under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the payment of tax not in excess of 1/3rd of the tax demanded under section 210 should be considered to be an advance tax payment made under section 212(3a) and interest under ..... section 212(3a) or under section 210. in this view, it held that the assessee would be entitled to interest under section 210 on the refund of excess tax. the tribunal further observed that there was no provision in the income-tax act for making a deposit of any amount and the payment can be construed as the payment of third instalment of advance .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1998)150CTR(SC)96; [1998]232ITR318(SC); (1998)8SCC604
ORDER1. Leave granted. 2. The question raised before the High Court for reference was whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee is entitled to interest under Section 214 from 1-4-1970 to 31-8-1978, the date of completion of the set-aside assessment even though the regular assessment was made on 28-12-1970 in the assessee's case. There was a sharp difference of opinion among the High Court as to the interpretation of Section 214. It is very surprising that the High Court did not think that this was a question of law which should be gone into and decided by the High Court itself. In any event, the controversy now stands concluded by the decision of this Court in the case of Modi Industries Ltd. v. CIP, : [1995]216ITR759(SC) . Therefore, we do not propose to send the case back to the High Court for examining the issue. We treat the question as to have been referred before this Court and we answer the question in the nega...
Tag this Judgment!Court : Andhra Pradesh
Reported in : 1994(2)ALT240; [1993]202ITR145(AP)
..... the assessee was to be given the right to claim interest under section 214 of the income-tax act, 1961. section 214 of the income-tax act has to be read along with section 218 of the act. under section 218 of the income-tax act, if the instalment of advance tax was not paid by the specified date, the assessee shall be deemed to be an ..... parvatha rao, j. 1. the sole question in this referred case referred for the decision of this court under sub-section (1) of section 256 of the income-tax act, 1961 (hereinafter referred to as 'the act'), at the instance of the assessee, i.e., messrs. bakelite hylam ltd., hyderabad, is : 'whether, on the facts and in the circumstances of the ..... holding that the assessee was not entitled to interest under section 214 of the income-tax act, 1961, on rs. 4,29,219 which was the excess amount of tax paid in the financial year 1971-72 (relevant to the assessment year 1972-73) over the tax determined on regular assessment for the assessment year 1972-73 ?' 2. it is .....
Tag this Judgment!Court : Delhi
Reported in : [1982]138ITR27(Delhi)
..... view of the amendment to section 275 brought by act 42 of 1970 with effect from 1-4-1971?'(2) the questions referred to us arise out of the ..... have been referred to this court under section 256 of the income-tax act, 1961. they read as follows : '1. whether on the facts and in the circumstances of the case, the tribunal was legally right in cancelling the penalty of rs. 3,521 levied u/s. 273 of the income-tax act, 1961 ? 2. is not the tribunal's order vitiated in ..... not take within its purview an assessment made under section 147 of the act shri jain relied on the following decisions : gates foam & rubber co. v. commissioner of income tax : [1973]90itr422(ker) , commissioner of income tax v. ram chandra singh : [1976]104itr77(patna) , smt. kamla vati v. commissioner of income tax and trustees of h.e.h. nizam's religious endowment trust v. .....
Tag this Judgment!Court : Delhi
Reported in : ILR1974Delhi282
..... either on its own estimate or on the basis of demand made to it in pursuance of the provisions of section 210 of the income-tax act, 1961. provision for tax whether advance tax or income-tax cannot be regarded as an asset of the company, particularly in view of the fact that penalties may be incurred for default of ..... by coercive method under the scheme of part c of chapter xvii of the income-tax act, 1961. dit that is to be given for advance tax paid on regular assessment, as contemplated by section 219 of the income-tax act, is in recognition of tax already having been paid towards the liability determined on regular assessment. this is because ..... deal with the contentions of the parties it is necessary that some of the relevant provisions of the monopolies act, the companies act, 1956 and the income-tax act, 1961 are noticed.(14) the relevant provisions for our purposes of the monopolies act may first be read. clause(g) of section 2 reads as under : 'inter-connectedundertakings' means .....
Tag this Judgment!Court : Kerala
Reported in : (2005)197CTR(Ker)539; [2005]279ITR278(Ker); 2005(3)KLT943
..... of interest.15. in this connection, it should be noted that almost all taxing statutes especially the income tax act specifically provides for payment of interest on certain amounts which becomes due as refund to an assessee pursuant to final assessment. sections 214 of the income tax act, 1961 provides thus:214. (1) the central government shall pay simple interest at fifteen ..... per cent per annum on the amount by which the aggregate sum of any instalments of advance tax paid during any financial year in which they are payable under sections ..... are not based on principles of equity is exemplified by the fact, that the interest payable to the assessee under section 214 of the income tax act on any excess amount standing to the credit of the assessee is limited to the date of the order of assessment and not to the .....
Tag this Judgment!Court : Kolkata
Reported in : 85CWN335,[1981]128ITR732(Cal)
..... force, in the said years was not 'due to variations in the rates of tax.' within the meaning of section 215 of the income-tax act, 1961, and in that view holding that there was no shortfall in the payment of the advance tax on which any interest could be charged under the said section ?' 2. the assessee is a ..... the shortfall in the payment of advance tax, the tax relating to income as per the regular assessment should be computed at the rates of tax applicable to the assessment year, if the tax so computed was lower than the tax calculated at the rates of tax in ..... . in this reference under section 256(1) of the i.t. act, 1961, the following two questions have been referred to this court:' 1. whether, on the facts and in the circumstances of the case and on a correct interpretation of section 215 of the income-tax act, 1961, the tribunal was right in holding that, for the purpose of determining .....
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