1996 (2) TMI 49

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....AM J. --- At the instance of the assessee, the Tribunal referred the following question for the opinion of this court under section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that any interest payable for delayed payment of tax with the specific permission of the Income-tax Officer under section ....

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....ion 37(1) of the Income-tax Act. The Commissioner of Income-tax (Appeals) did not agree with the assessee and he distinguished the decision of Bombay "D" Bench in Bennett Coleman and Co. v. ITO-I. T. A. No. 3068/(Bom) of 1972-73. The assessee took the matter before the Appellate Tribunal. The Appellate Tribunal agreed with the reasoning given by the Commissioner of Income-tax (Appeals) and it furt....