9911796707
TMI Blog1999 (2) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... er was a minor at the relevant time and was being assessed to income-tax for his share in the partnership firm. His father was also a partner in the said firm. By the Taxation Laws (Amendment) Act, 1975, by its section 13 of the Amending Act made effective from April 1, 1976, provisions of section 64(3) were inserted in the Income-tax Act, 1961. The said provision provided that if a minor is admit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsequently, however, the said protective assessment was cancelled and the income of the petitioner was added to the income of the father and he was assessed accordingly. In the meantime, however, the petitioner-assessee had deposited the advance tax under the provisions of section 210 read with section 211 of the Income-tax Act. The petitioner now contends that since the petitioner's assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the income of the son, it would be unfair to allow interest on the ground of advance tax paid and adjusted subsequently towards the income of the father. Mr. Vikram Gulati submits that the order passed by the Inspecting Assistant Commissioner waiving the interest payable by the father was on the ground that the father had made payment of advance tax prior to the issue of notice under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titling the assessee to get interest at the particular rate if the amount of instalments paid by the assessee exceeds the amount of assessed tax from the first day till the next day of the financial year (sic). The said provisions speak of the period for which the amount is refundable and for the said purpose the word "regular assessment" is incorporated. In the said provision it is nowhere provid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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