Supreme Court rules no interest entitlement under section 214, cites precedent.

The Supreme Court allowed the appeal, ruling that the assessee was not entitled to interest under section 214 from April 1, 1970, to August 31, 1978, citing the interpretation of section 214 and a precedent in Modi Industries Ltd. v. CIT [1995] 216 ITR 759. The appeal was allowed without costs.

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The Supreme Court allowed the appeal, holding that the assessee was not entitled to interest under section 214 from April 1, 1970 to August 31, 1978. The decision was based on the interpretation of section 214 and a previous court ruling in Modi Industries Ltd. v. CIT [1995] 216 ITR 759. The appeal was allowed with no costs.

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