1997 (7) TMI 15 - SCH - Income Tax

Question raised before the High Court for reference was whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee is entitled to interest under section 214 from April 1, 1970 to August 31, 1978, the date of completion of the set aside assessment even though the regular assessment was made on December 28, 1970, in the assessee s case - HC was not justified n refusing to refer the question

Summary

The Supreme Court allowed the appeal, holding that the assessee was not entitled to interest under section 214 from April 1, 1970 to August 31, 1978. The decision was based on the interpretation of section 214 and a previous court ruling in Modi Industries Ltd. v. CIT [1995] 216 ITR 759. The appeal was allowed with no costs.