1989 (1) TMI 32

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....ND MITAL J. -There were six partners of Handa and Chopra, Amritsar, one of them being the assessee before us. For the assessment years 1971-72 and 1972-73, regular assessments were framed and since the assessee had paid advance tax more than the tax liability, interest was allowed to the assessee on the amount found refundable. Later on, the Income-tax Officer, by his orders passed under section 1....

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....the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in setting aside the order of the Appellate Assistant Commissioner upholding the order passed by the Income-tax Officer under section 154/155, read with section 217(lA) of the Incometax Act, 1961, charging interest of Rs. 1,553 for the assessment year 1971-72 ? ....

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....ection 215(3) of the Income-tax Act as it stood before April 1, 1985, no interest was chargeable on the enhanced liability to tax created by an order passed under section 154/155 of the Act as there was no provision to levy interest on the creation of enhanced liability and rather the provision was for payment of interest on the amount found refundable to the assessee. It is only with effect from ....