1994 (8) TMI 56

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....ted out by the Asstt. CIT to the assessee's claim that no interest under s. 215 was payable. It is to be noted here that that impugned order was passed with a view to give effect to the order of the Tribunal directing that chargeability of interest under s. 215 is to be determined after allowing credit for tax deductible at source for the purpose of quantifying the "assessed tax" in terms of sub-s. (5) of s. 215 of the Act. 3. The learned Asstt. CIT held that it is the amount of tax deducted at source and not tax deductible at source which is to be taken into consideration while computing the "assessed tax". 4. On appeal, the learned CIT(A) relying upon the case of M/s. Berar Investments Pvt. Ltd. (IVL), an assessee belonging to the gro....

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....of decisions, the decision in favour of the assessee should be followed. In any case, it was submitted that the decision of the Madras High Court had been followed by the Benches of the Tribunal consistently and no departure from that view should be made. It was also submitted that the tax effect in the present case would be very small even if the decision of the Calcutta High Court was followed. 7. We have considered the rival submissions and perused the facts on records. We find that there is conflict between Madras High Court and the Calcutta High Court on the point under consideration. In the case of Madras Fertilizers Ltd. the Hon'ble Madras High Court has deserved as follows: "This section provides that when the advance tax paid i....