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TMI Blog1994 (10) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... and the assessment is one under the Companies (Profits) Surtax Act, 1964. The Surtax Officer levied interest on the total amount of surtax payable by the assessee for the year without deducting the advance amount of surtax paid by the assessee. The assessee filed a statement of advance tax on July 28, 1982, though the statement was due on June 15, 1982, and paid the advance surtax of Rs. 24,00,529 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d been made within the financial year and, therefore, interest was not leviable on the said amount. He relied on the decision of this court in Santha S. Shenoy v. Union of India [1982] 135 ITR 39. On appeal, the Income-tax Appellate Tribunal affirmed the decision of the Commissioner, holding that the amount having been paid within the financial year, it has to be treated as advance tax, and, as su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advance surtax. If as held by the Commissioner of Income-tax (Appeals) the amount of advance tax paid, though belatedly, but within the financial year, partook of the nature of advance tax, the amount so paid is liable to be deducted from the assessed surtax for the purpose of computing the amount on which interest is payable. If the contention of the Revenue is to be accepted, the position will b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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