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2016 (11) TMI 804 - BOMBAY HIGH COURTGrant of interest on refund - Whether, the amendment made by insertion of subsection (1A) in Section 214 by Direct Tax Laws (Amendment) Act, 1984 providing for grant of interest is clarificatory and in any event applicable to the facts of the present case? - Held that:- In the present facts, all orders including the order passed in the regular assessment proceedings by the Assessing Officer were passed after the amended subsection 1A of Section 214 of the Act came into force w.e.f. 1st April, 1985. Moreover, the decision of this Court in Carona Sahu Co. Ltd. (1983 (10) TMI 44 - BOMBAY High Court ) was rendered in the context of Section 214 of the Act prior to the introduction of the amended subsection (1A) in Section 214 of the Act.Therefore, the issue raised herein on merits, stands concluded in favour of the applicant assessee by the decision of this Court in Godrej & Boyce Manufacturing Co. Ltd. (2005 (8) TMI 69 - BOMBAY High Court ) wherein held Section 214 deals with payment of interest on the amount of tax found to have been paid in excess of the tax determined as payable on the regular assessment. Interest will have to be paid from the first day of the relevant assessment year to the date of the regular assessment, i.e., the first assessment. - Decided in favour of assessee
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