https://www.taxtmi.com/caselaws?id=16870 The High Court interpreted sections 214 and 244(1A) of the Income-tax Act, 1961, addressing the entitlement to interest on excess advance tax paid and the definition of "regular assessment." Relying on the Supreme Court's decision in Modi Industries Ltd. v. CIT [1995] 216 ITR 759, the court held that interest under section 214 is payable from the beginning of the relevant assessment year until the first assessment order date, with the interest amount post-April 1, 1985, varying with refund changes. The court clarified that "regular assessment" refers to the original assessment, not subsequent orders. The assessee was entitled to interest under sections 214 and 244(1A) post-April 1, 1985, but the definition of "regular assessment" favored the Revenue. en-us Thu, 17 Oct 1996 00:00:00 +0530 Sat, 12 Sep 2009 16:46:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16870 The High Court interpreted sections 214 and 244(1A) of the Income-tax Act, 1961, addressing the entitlement to interest on excess advance tax paid and the definition of "regular assessment." Relying on the Supreme Court's decision in Modi Industries Ltd. v. CIT [1995] 216 ITR 759, the court held that interest under section 214 is payable from the beginning of the relevant assessment year until the first assessment order date, with the interest amount post-April 1, 1985, varying with refund changes. The court clarified that "regular assessment" refers to the original assessment, not subsequent orders. The assessee was entitled to interest under sections 214 and 244(1A) post-April 1, 1985, but the definition of "regular assessment" favored the Revenue. Case-Laws Income Tax Thu, 17 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16870