KALURAM LADHARAM Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this reference under S. 256(1) of the IT Act, 1961 (hereinafter referred to as "the Act"), the Tribunal, Indore Bench, has referred the following question of law to this Court for its opinion:

(2.) THE material facts giving rise to this reference, briefly, are as follows :

(3.) THE decision of the Supreme Court in Ganesh Dass Sreeram vs. ITO (supra) deals with the question of charging a registered firm with interest when the return is filed by it beyond time but the entire amount of tax is paid by way of advance tax. The Supreme Court held that regard being had to the fact that payment of interest was only compensatory in nature, the question of payment of any compensation did not arise when the entire amount of tax was paid by way of advance tax.