2007 (2) TMI 130

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....inst the orderof  the Income-tax  Appellate  Tribunal  in  ITA  No.1733/Mds/1995  dated 22.7.2003, raising the following substantialquestion of law. "Whether in the facts and circumstances of  the  case, the Tribunal was right  in holding that tax paid under section  140A can   be  treated  as  "amount  paid&nb....

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....p; years  1978-79  to  1981-82  was  not  set  off. Accordingly, the total income was revised.   Deducting  the advance  tax,  tax  under section 140A  and  interest  under sections 216  &  139(8) of the Act, refund was  determined. The assessment again rectified and interest under section 244 of the Act....

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....t should be paid to the assessee from June 1,1989 to July 23, 1989, viz., the date following the expiry of three months from the end of the month in which the appellate order was passed to the date of refund. The Commissioner of Income-tax (Appeals) also excluded the payment made under section 140A of the Act. Finding that the rate of  interest  was  not correct,  the Commissio....

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....e decision of Apex  Court  in Modi Industries Ltd. v. CIT [1995] 216 ITR 759, held  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. This Court also held that the assessee is entitl....