COMMISSIONER OF INCOME TAX Vs. PFIZER LIMITED

JUDGEMENT

(1.) IN this departmental reference relating to the assessee's assessment for the assessment years 1969 -70 and 1970 -71, the Tribunal has referred to this court only one question of law for our opinion. The question is : 'Whether, on the facts and in the circumstances of the case, the assessee was entitled to interest under section 214 of the Income -tax Act, 1961, for each of the assessment years under consideration up to the date of the receipt of the refund order for the assessment years 1969 -70 and 1970 -71 by the assessee ?'

(2.) DR . Balasubramanian, learned counsel for the Revenue, in the first instance, stated that the question is covered by a Full Bench judgement of our court in the case of CIT v. Carona Sahu Co. Ltd. : [1984]146ITR452(Bom) , in favour of the Revenue. However, Shri Irani, learned counsel for the assessee, invited our attention to our court's subsequent judgment in the case of CIT v. Tata Chemicals Ltd., [1988] 169 ITR 314, in which, after referring to the above Full Bench judgment and the instructions issued by the Central Board of Direct Taxes in this behalf, a similar question was answered in the affirmative and in favour o of the assessee. Following the latter judgment of our court, we answer the question in the affirmative and in favour of the assessee.