1982 (3) TMI 61

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....t there was no prior order passed by the Income-tax Officer for levy of interest under section 139(1)(b)(iii)? " The brief facts are these. The respondent-assessee, M/s. Himalaya Drug Company, Dehradun, is a partnership firm. For the assessment year 1970-71, it filed its return on January 27, 1971, that is, after a delay of 27 days. The ITO made the assessment and while preparing ITNS-150 a sum of Rs. 382 was charged as interest under s. 139(1) of the Act, taking the status of the assessee as that of a registered firm. Subsequently, the ITO found that interest had been wrongly charged treating the assessee as a registered-firm. On the other hand interest under s. 139 should have been charged treating the assessee as an unregistered firm ....

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.... the revenue that the tax calculation form known as ITNS-150 could be treated as an order charging interest which could be corrected under s. 154 of the Act. As observed by the Tribunal: " In our view this is a tax calculation form meant purely for departmental purposes and hence cannot be equated with an order of the ITO, such as an assessment order or any other order, by which the assessee is made liable to pay a sum by way of interest, penalty or tax." The Tribunal has also taken the view that even the levy of interest at Rs. 382 on the basis of the tax payable by the assessee as a registered firm was not correct. The correct amount should have been Rs. 463 and from this fact it could be inferred that there was no ascertainable basis or ....