Payment of interest u/s 214, Income Tax Act, 1961.

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..... under sections 263/264 or as a result of rectification orders under section 154. 2. Section 214 of the Income-tax Act, 1961 provides for payment of interest on the difference between the advance-tax and the amount of tax determined on regular assessment from the first day of April next following the said financial year to the date of regular assessment. 3. Interest under section 214 is, theref .....

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..... e according to the appellate orders or orders under section 263/264. 4. But, if an assessment made needs rectification under section 154 on account of mistakes apparent from record, either on the assessee's application or by the Income-tax Officer on his own motion, it might be argued that it is the rectified order which should be considered for the purposes of determining the tax payable on reg .....

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