MODIPON LTD Vs. COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) THE petitioner has filed this writ petition, inter alia, challenging the order made under Section 264 of the Income -tax Act, 1961, for the assessment years 1976 -77 and 1980 -81 passed by the Commissioner of Income -tax on February 12, 1988. Against the assessment made by the Assessing Officer, the appeal was preferred and as a consequence of an appellate order, the Assessing Officer was required to compute the figures. It appears that the Assessing Officer pointed out in the computation sheet as under :

(2.) THE Assessing Officer has thereafter separately calculated the amount of interest payable to the assessed under Section 244(1A) of the Act on Rs. 9,56,254. The matter was argued at length by learned counsel for the petitioner. Two issues essentially arises in this matter, which are as under :

(3.) THE court after considering various decisions finds the question in favor of the assessed and against the Revenue and we find no reason to take a different view.