1993 (5) TMI 13

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....eference under section 256(2) of the Income-tax Act, 1961, for the assessment year 1984-85, the following question of law has been referred to this court : `Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that interest under section 217 of the Income-tax Act, 1961, is not exigible in this case ?" The brief facts of the case are that th....

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....fore the Commissioner of Income-tax (Appeals) against the levy of interest under section 217 of the Act. Before the Commissioner of Income-tax (Appeals), it was submitted on behalf of the assessee that, as per the provisions of section 209A(1) of the Act, the assessee was required to file a statement of advance tax payable by it on or before June 15, 1983, since the assessee was an assessee regula....

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....t. Feeling aggrieved, the Department came up in appeal before the Tribunal. The Tribunal considered the submissions of the parties. The Tribunal found that the assessee being "an only assessee" and the latest completed assessment having resulted in the assessee's taxable income being computed at nil by reason of the operation of section 11, the assessee was not obligated to file a statement und....

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.... be an honest difference of opinion between the assessee and the Department. In such circumstances, there is no question of levying interest under section 217 of the Act. As indicated, the Tribunal has found as a fact that, in the last completed assessment, i.e., on June 15, 1983, the latest income returned and assessed was "nil". Thus, there was no liability to pay advance tax on the part of t....