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2014 (11) TMI 809 - HC - Income TaxWhether the Tribunal is right in law and on facts in directing the AO to grant interest u/s 214 – Held that:- The issue has been already decided in the judgment of Modi Industries Ltd. and Others vs. Commissioner of Income Tax and Another [1995 (9) TMI 324 - SUPREME Court] wherein it has been held that after adjustment of advance tax at the time of regular assessment, if some balance remains to the credit of the assessee, that balance is treated as excess amount of advance tax which has to be refunded with interest u/s 214 up to the date of regular assessment - interest is admissible to the assessee up to the date of regular assessment u/s 214 - the assessee shall be entitled to interest on refund amounts up to the date of regular assessment – thus, the order of the Tribunal is partly modified – Decided partly in favour of revenue.
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