9911796707
TMI Blog1985 (7) TMI 168X X X X Extracts X X X X X X X X Extracts X X X X ..... r under section 154 of the Income-tax Act, 1961 ('the Act') rejecting inter alia the assessee's claim of interest under section 243 of the Act. 2. We have heard the learned counsel for the assessee and the learned departmental representative. 3. The facts are that vide assessment for the assessment year 1977-78 there was an unabsorbed loss of Rs. 28,204 which was ordered to be carried forward. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be paid if the refund is not made within three months from the end of the month in which the total income is determined under the Act. According to him the total income was determined vide assessment order dated 28-11-1979 and, therefore, interest is permissible from 1-3-1980. The contention of the authorities below, on the other hand, was that the refund became due only after the rectification or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 35 of the Indian Income-tax Act, 1922 (equivalent to the present section 154) is a part of the assessment proceedings. Assessment has been defined under section 2(8) of the Act and includes reassessment. Therefore, an order passed under section 154 modifying an assessment is itself an assessment order and determines the assessee's total income. The refund, therefore, becomes due as a resul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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