1998 (2) TMI 118

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....t, 1961, the following question has been referred for our opinion : "Whether, on the facts and in the circumstances of the case, particularly in view of the fact that in the original assessment no interest under section 215(1) of the Income-tax Act, 1961, was levied as the advance tax paid was in excess of the "assessed tax", the Tribunal was justified in law in holding that interest under sub-....

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....988-89, respectively. But, it is submitted that advance tax paid by the assessee was more than the tax assessed in the regular assessment. It is the admitted case of the Revenue that the assessee has paid more tax than the tax assessed as per regular assessment. What is regular assessment---their Lordships have considered the same in the case of Modi Industries Ltd. v. CIT [1995] 216 ITR 759....