1987 (8) TMI 69

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....enue is to answer the following question of law : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee was entitled to interest under section 214 of the Income-tax Act, 1961 ? " The only point involved for decision is, whether the assessee is entitled to interest in accordance with section 214(1) of the Act on the amount of tax....

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....the Revenue to answer the above question of law. The contention of the Revenue is that the expression "regular assessment " occurring in section 214(1) of the Act means the original order of assessment made by the Income-tax Officer and not the appellate order made by the Appellate Assistant Commissioner in a quantum appeal. There is a basic fallacy in this contention. In the first place, the o....

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.... after the modification made in this manner and the only order of regular assessment in existence as a result of the appellate order is that the order of the Income-tax Officer which is made in compliance with the directions given in the appellate order. This alone is sufficient to indicate that where the assessee is found entitled to a refund of the excess amount of tax deposited by him as a cons....