2000 (12) TMI 92

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....C. J.---At the instance of the Revenue, the following question has been referred by the Income-tax Appellate Tribunal, Delhi Bench-B (in short "the Tribunal"), under section 256(1) of the Income-tax Act, 1961 (in short "the Act"), for the opinion of this court : "Whether, on facts and in the circumstances of the case, the Tribunal is correct in law in holding that interest is payable under sect....

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....rroneous in his conclusions, the Appellate Assistant Commissioner allowed the claim. The matter was carried in further appeal by the Revenue before the Tribunal. The Tribunal affirmed the Appellate Assistant Commissioner's order and dismissed the Revenue's appeal. Though the Tribunal accepted the Revenue's stand that the circulars of the Board dated June 1, 1965, and July 23, 1974, relied upon by ....

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....ate sum of any instalments of advance tax paid during any financial year in which they are payable under sections 207 to 213 exceeds the amount of the tax determined on regular assessment, from the 1st day of April next following the said financial year to the date of the regular assessment for the assessment year immediately following the said financial year, and where any such instalment is paid....

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..... Sections 207 to 213 appearing in Part C (advance payment of tax) of Chapter XVII of the Act deal with "collection and recovery of tax". As was observed by the Full Bench of the Andhra Pradesh High Court in Bakelite Hylam Limited v. CIT [1993] 202 ITR 145, sections 207 to 213 provide for advance payment of tax during the financial year, in all its facets, for the computation of the tax so payable....