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Issues: Whether interest under section 7B of the Companies (Profits) Surtax Act, 1964 was payable when the advance tax instalment due on 15 December was paid later in the same financial year but before the regular assessment.
Analysis: The statutory scheme under section 7A required advance surtax to be paid in instalments during the financial year, and section 7B made the Central Government liable to pay interest on the amount by which the aggregate sum of advance tax paid during that financial year exceeded the tax determined on regular assessment. The Court treated the belated payment made within the financial year as advance tax for the purpose of section 7B, following the consistent view taken by several High Courts and its own earlier decision, and held that the timing of payment after the prescribed instalment date did not deprive the assessee of interest where the payment was still made during the same financial year.
Conclusion: The question was answered in the affirmative and the assessee was held entitled to interest under section 7B.
Ratio Decidendi: For the purpose of interest under section 7B of the Companies (Profits) Surtax Act, 1964, an amount paid as advance tax during the relevant financial year remains advance tax even if paid after the statutory instalment date, so long as it is paid within that financial year.
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