1988 (11) TMI 26

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....e matter here concerns the claim of the assessee, Oswal Woollen Mills Ltd., Ludhiana, for interest on payment of advance tax, the assessment year in question being 1972-73. Before proceeding further, it may be pointed out that the accounting year of the assessee was the calendar year and the relevant period in this behalf thus being January 1, 1971, to December 31, 1971. The amounts said to hav....

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....ce tax paid within his accounting year, that is, up to December 31, 1971. The Tribunal held in favour of the assessee in this respect and with regard to the other question posed, namely, interest on advance tax refund to be determined by taking into account the income finally assessed in appeal by the Appellate Assistant Commissioner and the tax paid thereon. The two questions referred to th....

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.... ?" A reference to the provisions of section 214 of the Act (provisions as are relevant here) would show that interest is payable on the aggregate sums of instalments of advance tax paid during any financial year in which they were payable under sections 207 to 213, exceeding the amount of assessed tax from the first date of April next following the said financial year to the date of regular as....

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....Commissioner of Income-tax (Recovery), New Delhi, had allowed the assessee extension of time for payment of advance tax in view of the disturbed trade conditions in the border areas. Counsel could not, however, point to any provision of law under which such extension could have been granted by the Commissioner. At any rate, the matter here is not with regard to the date for the payment of advance ....