1997 (11) TMI 61

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....eferred to us for decision in this case is as follows : "Whether the Tribunal is bound to consider all the provisions of section 214 including section 214(1A) when the assessee did not refer to section 214(1A) in the course of the argument and the case proceeded only on the provisions of section 214(1) of the Income-tax Act, 1961 ?" This income-tax reference case is coming up for decision before....

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....ection 214(1A). On appeal, the Commissioner of Income-tax (Appeals) directed the Assessing Officer to grant interest under section 214. However, the Revenue went up in appeal. But the Tribunal following the Full Bench decision of this court in CIT v. G.B. Transports [1985] 155 ITR 548 and the decision of the Bombay High Court in CIT v. Carona Sahu Co. Ltd. [1984] 146 ITR 452 [FB] held that the int....

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....w the matter is coming before us. The only question is whether the Tribunal is bound to take note of the provision contained in sub-section (1A) of section 214 and to apply the same while deciding the quantum of interest. The said provision was there in the statute when the question came up for decision before the Tribunal. Even though the assessee did not specifically refer to sub-section (1A), ....