2014 (11) TMI 809

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....) 1. The following question has been referred by the Income Tax Appellate Tribunal, Ahmedabad under Section 256(1) of the Income Tax Act, 1961 arising out of the Tribunal's order dated 04.06.1993 in ITA No. 5509/Ahd/1989 for the Assessment Year 1984-85:            "Whether, the Appellate Tribunal is right in law and on facts in directing the Ass....

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....eration. 3. Mr. M.R. Bhatt, learned Senior Advocate appearing with Ms. Bhatt for the appellant - revenue submitted that the Tribunal has erred in law in directing the Assessing Officer to grant interest u/s 214 till the date of CIT(A) order. He has drawn the attention of this Court to the decision of the Honble Supreme Court in the case of Modi Industries Ltd. and Others vs. Commissioner of Incom....

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..... The Apex Court in the case of Modi Industries (supra) has observed that after adjustment of advance tax at the time of regular assessment, if some balance remains to the credit of the assessee, that balance is treated as excess amount of advance tax which has to be refunded with interest under section 214 up to the date of regular assessment. This Court in the case of Mihir Textiles (supra) rely....