1978 (10) TMI 53 - AT - Income Tax

Summary

The assessee appealed against the AAC's order under s. 154 of the Income-tax Act for asst. yr. 1968-69, regarding interest under s. 214 on excess advance-tax. The AAC allowed the interest, which the Revenue challenged. The ITAT upheld the AAC's decision, citing the Calcutta High Court authority that interest under s. 214 is payable on excess advance-tax compared to tax determined on regular assessment. The appeal of the Revenue was dismissed.