TMI Blog2006 (7) TMI 122X X X X Extracts X X X X X X X X Extracts X X X X ..... iled under section 260A of the Income-tax Act, 1961 (in short the "Act"), holding that no reference was necessary. The High Court held that the Income-tax Appellate Tribunal (in short the "Tribunal") examined the matter in detail and came to hold as to what was the date of assessment. This was a question of fact which was not required to be examined in an appeal under section 260A of the Act. The High Court also noticed that the decision of this court in Modi Industries Limited v. CIT [1995] 216 ITR 759 was clearly applicable to the facts of the case. According to learned counsel for the appellant, the High Court failed to notice that the decision in Modi Industries' case [1995] 216 ITR 759 (SC) has no application to the facts of the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rms of section 143(1) on the facts passed on July 29, 1987, accepted the returned loss. While the assessment proceedings were in progress it came to the notice of the Department that for the relevant assessment year a Japanese company is paying a sum of Rs. 1,61,52,472 plus Rs. 21,71,121 by way of commission in respect of purchases made by the Department of Electronics, Government of India, from M/s. Sumitomo Corporation, the aforesaid Japanese company. The amount was paid at London in the account of M/s. Allied Petro Agencies. The information was passed on by the Government of India to the Income-tax Department. In the meantime, i.e., on August 17, 1987, a letter was written by the assessee to the Commissioner of Income-tax, Delhi-III wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the whole or any part of the refund referred to in subsection (1) is due to the assessee, as a result of any amount having been paid by him after the 31st day of March, 1975, in pursuance of any order of assessment or penalty and such amount or any part thereof having been found in appeal or other proceeding under this Act to be in excess of the amount which such assessee is liable to pay as tax or penalty, as the case may be, under this Act, the Central Government shall pay to such assessee simple interest at the rate specified in sub-section (1) on the amount so found to be in excess from the date on which such amount was paid to the date on which the refund is granted: Provided that where the amount so found to be in excess was paid i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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