2010 (8) TMI 52

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.... A.K. SIKRI, J. (Oral) Before we reproduce the question which is referred for our opinion by the Tribunal on the application of the assessee preferred under Section 256 (1) of the Income Tax Act, it is necessary to state certain facts. 1. The assessee is a public limited company and its accounting period for the assessment year 1980-81 ended on 31st December, 1979. The assessee had deposited....

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....assessment year declaring total income of Rs. 15,93,969/-. A provisional assessment under Section 141A was made on the basis of the aforesaid return on 30.12.1980. As per this, tax payable including surcharge amount was determined as Rs. 9,40,829/-. As a consequence thereof, an amount of Rs. 42,66,77/- which was deposited in excess as advance tax became refundable. Interest on this was also to be ....

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.... Act. On this application, the Income Tax Officer passed an order dated 14.11.1983 rejecting the request of the assessee to pay interest on the said amount of Rs. 5 lacs as well. Primarily, two reasons were given for refusing the interest which are as under:- (i) The payment of Rs. 5 lacs was made after the due date i.e. 15.12.1979 and for this reason it was not treated as advance tax which cou....

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.... pointed out above, on the application of the assessee under Section 256 of the Act, only one question is referred to this court for opinion. Now we reproduce that question which reads as under;- "Whether on the facts and in the circumstances of the case the Appellate Tribunal erred in law in not treating the additional instalment of advance tax amounting to Rs. 5 lacs paid on 29.1.1980 with th....