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2015 (2) TMI 675 - HC - Income TaxRectification of mistake - whether on an application under section 154 of the Income-tax Act interest under section 214 of the Income-tax Act could be granted on advance tax payments, made after the prescribed dates but within the financial year? - Held that:- On a perusal of section 210 r.w.s 211 it is clear that the due dates are prescribed to mean that advance tax is required to be paid by an assessee within the prescribed dates and credit is given of the amount paid as advance tax. Tax can be paid up to the end of the financial year, i.e., 31st March and is also to be treated as an advance tax. Any tax paid after 31st March shall be self-assessment tax. The controversy in the present matter is narrow and we are required to answer the question of allowance of interest under section 214 in a case where the instalment of advance tax though paid after the due date but before the close of the financial year, i.e., March 31, 1975. It is true that majority of the judgments have held that interest in a case like this would be allowed under section 214, however, we are considering the case with regard to an application having been moved under section 154. If we peruse the phraseology of section 154, then it is clear that only a mistake apparent on the face of record can be said to be rectifiable. A debatable issue cannot be said to be rectifiable. Thus the assessee was not entitled to interest under section 214 as the issue was debatable. - Decided in favour of the Revenue.
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