9911796707
TMI Blog1994 (10) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... was delivered by T. L. VISWANATHA IYER J.-The assessment year concerned is 1983-84 and the assessment is one under the Companies (Profits) Surtax Act, 1964. The Surtax Officer levied interest on the total amount of surtax payable by the assessee for the year without deducting the advance amount of surtax paid by the assessee. The assessee filed a statement of advance tax on July 28, 1982, though ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after the due date, still it partook of the nature of advance tax, as the payment had been made within the financial year and, therefore, interest was not leviable on the said amount. He relied on the decision of this court in Santha S. Shenoy v. Union of India [1982] 135 ITR 39. On appeal, the Income-tax Appellate Tribunal affirmed the decision of the Commissioner, holding that the amount having ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... des is for levy of interest at the rate mentioned in cases of default in payment of advance surtax. If as held by the Commissioner of Income-tax (Appeals) the amount of advance tax paid, though belatedly, but within the financial year, partook of the nature of advance tax, the amount so paid is liable to be deducted from the assessed surtax for the purpose of computing the amount on which interest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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