1978 (10) TMI 95

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....e interest of Rs. 2,092 granted to the assessee under s. 214. 2. The learned counsel for the assessee submitted that the ITO has given credit for advance tax paid amounting to Rs. 63,800 and the assessee was entitled to interest under s. 214 on the excess amount paid. He relied on the decision of the Bombay High Court in IT Application No. 106 of 1977. He also pointed out that the last instalme....

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.... vs. M/s Traub(India) Pvt. Ltd., Bombay, the following question of law was raised by the Department in the application filed under s. 256(2). "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in granting interest under s. 214(1) to the assessee for asst. yr. 1972-73 on the excess amount paid which was not in accordance with the provisions of s. 207 t....

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....to his submission, in order to be entitled to interest under the provisions of s. 214 of the Act, the payment of advance-tax must have been made in accordance with the schedule prescribed under ss. 207 to 213 and since the schedule had not been adhered to, but there has been a default (though only of a period of two days) the assessee would not be entitled to interest under s. 214. The question....