1968 (10) TMI 17

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....t the conclusion of the Commissioner of Income-tax, Madras, is correct, though his reasoning is not acceptable. The petitioner is a public limited company doing business in general insurance. In respect of the assessment year 1954-55, the claim for depreciation written off of buildings, air conditioning plants, lifts, etc., was allowed only to the extent of 1/5th. The result of the assessee's appe....

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....refund under the proviso to sub-section (7) of section 66 of the Income-tax Act, 1922, at 6 per cent. on the amount of tax paid in excess. The Commissioner disallowed the claim, and this petition is to quash the order. The petitioner relies on section 297(2)(c) and contends that, since the reference to this court and the appeal to the Supreme Court were all under the provisions of the earlier A....

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....rovisions of the new Act relating to interest payable by the Central Government on refunds shall apply. In view of this provision, the intention of which appears to be that the interest on refund in respect of the assessment completed before the commencement of the new Act and on refund which fell due after its commencement, should entirely be governed by the provisions of the new Act, the words "....