1997 (10) TMI 44

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....ncome-tax Appellate Tribunal drew up a statement of the case and referred the following question relating to the assessment year 1971-72 for the opinion of this court : "Whether, on the facts and in the circumstances of the case, was the Tribunal correct in cancelling the order under section 154 passed by the Income-tax Officer on the ground that the question is debatable and involves long drawn ....

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....on the amount of Rs, 5,500 found refundable the assessee was allowed further interest under section 214 at Rs. 1,815." The stand taken by the Income-tax Officer was that under section 214 interest is allowed only on the difference of tax determined on regular assessment and the advance tax paid. He was of the view that further interest on refunds computed under section 154 which are not regular a....