2004 (4) TMI 38

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....rder made under section 264 of the Income-tax Act, 1961, for the assessment years 1976-77 and 1980-81 passed by the Commissioner of Income-tax on February 12, 1988. Against the assessment made by the Assessing Officer, the appeal was preferred and as a consequence of an appellate order, the Assessing Officer was required to compute the figures. It appears that the Assessing Officer pointed out in ....

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....(1A) of the Act on Rs. 9,56,254. The matter was argued at length by learned counsel for the petitioner. Two issues essentially arises in this matter, which are as under: 1. Whether the assessee is entitled to interest under section 244(1A) in respect of interest payments under section 220(2) of the Income-tax Act, 1961? 2. Whether the assessee is entitled to interest under section 244(1A) of....

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....on 244(1A) of the Act. It is required to be noted that after hearing the matter, learned counsel did not press this issue and, therefore, this petition is required to be allowed only to the aforesaid extent that is to say, that the assessee is entitled to interest under section 244(1A) in respect of the interest payments under section 220(2) of the Income-tax Act, 1961. It goes without saying t....