Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 2012 (8) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (8) TMI 740 - SC - Income TaxClaim of interest payable by the Revenue - aggregate of instalments of Advance Tax/TDS paid exceeds the assessed tax - Held that:- As decided in Modi Industries Limited And Others Versus Commissioner of Income-Tax And Another [1995 (9) TMI 324 - SUPREME COURT] holds that Advance Tax or TDS loses its identity as soon as it is adjusted against the liability created by the Assessment Order and becomes tax paid pursuant to the Assessment Order, thus, the assessee not entitled to interest under the relevant provisions of the Act - for purpose of calculating interest u/s 214, the "regular assessment" means original assessment made u/s 143/144. Section 214 does not provide for payment of compensation by the Revenue to the assessee in whose favour a refund order has been passed and as that Sandvik Asia Limited Versus Commissioner Of Income-Tax And Others [2006 (1) TMI 55 - SUPREME COURT] has not been correctly decided relied by assessee for claim of interest - direction to the Registry to place this matter before Hon'ble the Chief Justice on the administrative side for appropriate orders - against assessee.
|