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Issues: Whether the assessee's claim for interest on income-tax refund was governed by section 66(7) of the Indian Income-tax Act, 1922, or by section 243 read with section 297 of the Income-tax Act, 1961.
Analysis: The claim for interest arose only after the refund became due, and it was not itself a proceeding by way of appeal, reference or revision pending on the commencement of the Income-tax Act, 1961. The saving provision in section 297(2)(c) therefore did not apply. Instead, where a refund fell due after the commencement of the 1961 Act in respect of an assessment completed before that commencement, section 297(2)(i) attracted the interest provisions of the new Act. The earlier decision relied on by the assessee under section 66(7) of the 1922 Act was not applicable to the present situation.
Conclusion: The assessee was not entitled to claim interest under section 66(7) of the Indian Income-tax Act, 1922, and the matter was governed by the Income-tax Act, 1961, against the assessee.
Ratio Decidendi: A claim for interest on refund, arising after the commencement of the Income-tax Act, 1961, is governed by the 1961 Act under its repeal and saving provisions, and not by section 66(7) of the Indian Income-tax Act, 1922, unless a pending appeal, reference or revision squarely attracts section 297(2)(c).
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