1983 (10) TMI 45 - HC - Income Tax

Summary

The High Court of Bombay clarified that interest under section 214 of the Income-tax Act is only allowable on the excess amount of advance tax determined to be refundable on the first order of regular assessment, not on any subsequent revision based on an appellate order. The court held that the Central Government is liable to pay interest from April 1 following the financial year to the date of the first regular assessment order. The assessee was directed to pay the costs of the reference. (Case citation: 1983 (10) TMI 45 - BOMBAY High Court)