COMMISSIONER OF INCOME TAX Vs. PRAVEEN KAPOOR

JUDGEMENT

(1.) The Income Tax Appellate 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 I circumstances of the case, the In come-tax Appellate Tribunal was correct in law in holding that the interest Under Section 214(1) is payable to the assessee on the excess amount paid during the financial year on the date subsequent to the date fixed under Section 211 of the I.T. 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, from the date of regular 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?"

(3.) Briefly stated the facts giving rise to the present Reference are as follows:- The Reference relates to the Assessment year 1974-75. The respondent-assessee is an individual and enjoys income from share from six firms and income from other sources, namely, interest etc. The previous year commenced from 1st July, 1973 and ended on 31st March, 1974. During the financial year 1973-74, the respondent had paid advance tax in three instalments as under:- Amount (Rs.) Due Date Date of Payment3,100 15.09.1973 17.09.1973 3,100 15.12.1973 14.12.1973 32,325 15.03.1974 14.03.1974 38,525