1979 (9) TMI 101

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....t resulted in a refund of Rs. 17,849 which included an interest amount of Rs. 1,864 under s. 214. However, by an order under s. 154 the ITO held that the interest had been wrongly allowed to the assessee because the assessee had paid the last instalment of advance tax amounting to Rs. 56,800 only on 28th Dec., 1974. He, therefore, withdrew this allowance. On appeal the AAC was of the opinion that ....

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.... example, it has been held in ITO vs. Smt. K.J.K., Bombay(1) by the 'B' Bench of the Tribunal of Bombay that interest on excess payment when the cheques has been cleared by the Reserve Bank after the due date could still be claimed even by way of rectification of the assessment order. According to the ld. Members: "The Board Circular does not say that if the cheque was presented within time and....