TaxTMI 
TaxTMI 
1979 (3) TMI 27
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....determined on regular assessment, from the 1st day of April next following the said financial year to the date of the regular assessment for the assessment year immediately following the said financial year ........" The main question posed for determination is whether such interest is payable to the assessee on the excess amounts paid during the financial year on dates subsequent to the dates fixed under s. 211 of the I.T. Act for payment of such instalments. Sri Y. V. Anjaneyulu, the learned counsel appearing for the assessee, contends that if such excess amount was paid during the financial year, interest is payable to the assessee. Sri P. Rama Rao, the learned counsel appearing for the revenue, contends that the excess amount does not....
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.... 15, 1974, and March 15, 1975. The regular assessment of the company for the financial year 1974-75 was made on January 20, 1976, and the tax payable was determined at Rs. 62,908. Refund of excess of Rs. 1,47,095 was given to the petitioner. The petitioner by a letter dated April 19, 1976, addressed to the respondent claimed interest on this amount. The respondent by his reply dated July 26, 1976, informed the petitioner that the claim is not admissible. After hearing the contentions urged by the learned counsel appearing for the assessee and the revenue, we are inclined to agree with the contention urged by Sri P. Rama Rao. According to us, the assessee can claim interest under s. 214 of the Act only if he has complied with the requiremen....
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....shall not cease to be liable to any penalty merely by reason of the fact that before the levy of such penalty he has paid the tax. When once the company committed default in paying the instalments before the specified dates, it cannot claim interest on the excess of tax paid over the tax determined on regular assessment. The petitioner has also claimed interest under s. 243 of the I.T. Act. According to the learned counsel for the petitioner, interest payable to him under s. 214 of the I.T. Act amounts to refund and that, as the same is delayed, the petitioner is entitled to claim interest under s. 243 of the Act. We find no force in this contention. The refund contemplated is refund of the excess amount paid as tax. Interest payable on th....