TMI Blog1999 (3) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... s reference under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following questions of law for the opinion of this court at the instance of the Department in respect of the assessment years 1973-74 to 1974-75. Questions proposed by the Revenue : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law, in hol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 1 reproduced hereinabove, learned counsel for the parties agreed that the controversy involved in the said question is squarely covered by the judgment of the Division Bench of this court in Lubrizol India Ltd. v. CIT [1991] 187 ITR 25. Accordingly, question No. 1 is answered in the negative, i.e., in favour of the Revenue and against the assessee. As regards question No. 2, at the outset, we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat under section 214 of the Income-tax Act, as it stood prior to March 31, 1975, interest was allowable only up to the date of assessment and not up to the date of refund. While summarising, the apex court laid down at page 808 as follows : "The position that emerges from the above analysis can be summarised finally as under : (i) Up to March 31, 1975, interest under section 214 is payable fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e., in favour of the Revenue and against the assessee. Before concluding on this point, it may also be mentioned that the judgment of the Madras High Court in the case of Rayon Traders P. Ltd. [1980] 126 ITR 135 referred to hereinabove, stands overruled by the above judgment of the Supreme Court in the case of Modi Industries Ltd. [1995] 216 ITR 759. In the circumstances, we are also not required ..... X X X X Extracts X X X X X X X X Extracts X X X X
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