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TMI Blog1982 (4) TMI 172X X X X Extracts X X X X X X X X Extracts X X X X ..... 1974-75, 1975-76, 1976-77 and 1977-78. 2. The assessee is a registered firm manufacturing Rubber Gaskets for Pressure Cookers. The common issue in all these four appeals relates to the manner of computation of relief u/s 80J. It is the assessee s case that borrowed capital should also be part of the capital base for reckoning the relief. It also claimed that the capital should not be reckoned on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent for asst. yr. 1977-78 there is an additional point of dispute relating to the question of chargeability of interest u/s 214 on excess advance-tax paid by the assessee. The assessee had paid advance-tax of Rs. 25,256 while the tax due was only Rs. 12,790. Interest u/s 214 was denied because the assessee filed and estimate of income on 17th March, 1977 though the tax itself was paid on 14th Marc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of tax paid in excess as advance-tax. As pointed out by the Gujarat High Court in Bharat Textile Works and Ors. 1978 CTR (Guj) 435: (1978) 114 ITR 28, though in the context of interest u/s 215, scheme of the Act envisages that interest should be reckoned from 1st April and, therefore, the only reasonable interpretation should be that the payment of tax before that date should count for interest. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g of estimate itself. We, are therefore, of the view that the approach of the revenue in this matter is hyper-technical and reasonable. As for the reliance placed by the ld. Deptl. Rep. on the decisions of Kerala and Andhra Pradesh High Courts holding that the delayed payments will not earn interest, we have to point out that the assessee, in this case, had made the payment in time. These two deci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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