TMI Blog1979 (12) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... . 66(7) of the Indian I.T. Act, 1922. In respect of the assessments for the assessment years 1946-47 to 1948-49, and for the assessment year 1950-51, there were references to this court. By virtue of the answers given by this court, the petitioner was entitled to a refund of the amounts of tax paid by him. He made applications to the Commissioner of Income-tax to allow the refund and after consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Commissioner said that interest would be allowed only up to the dates of such adjustment. The Commissioner directed that interest was to be paid at 6% per annum. It is contended for the petitioner that the direction made by the Commissioner that interest was payable only from July 30, 1970, and September 3, 1971, is untenable and is unwarranted on the provisions of s. 66(7). The said pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where payment of the assessed tax has already been made. It does not mean that the overpayment is only from the date of such order of the appellate authority of the High Court. The proviso also indicates that the Commissioner is given a discretion in the matter of fixing up the rate of interest. He cannot curtail the period for which interest is to be paid and postpone it to a date subsequent to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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