1984 (2) TMI 137

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..... tions as filed by the assessee in which the only point raised was regarding the charging of interest under section 215 of the Income-tax Act, 1961 ('the Act'). According to the assessee there was no shortfall of payment of advance tax particularly after giving effect to the appellate order under section 251 of the Act which was at Rs. 74,959. The tax worked out to Rs. 27,971 and after considering .....

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..... l of the following financial year up to the date of 'regular assessment'. We find that similar provision exists in section 214 of the Act, which was the subject-matter before the Hon'ble Madras High Court in the case of Rayon Traders (P.) Ltd. v. ITO [1980] 126 ITR 135 in which it was held that the order passed by the ITO for giving effect to the order of the AAC is an order under section 143 of t .....

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..... the facts of the case, as stated in the preceding paragraphs, there was no shortfall of payment of advance tax for the year under consideration and accordingly, interest under section 215 was not leviable. Therefore, the orders of the authorities below on the point are cancelled and the appeal by the assessee is allowed. 10. In the result, the appeal by the revenue is dismissed and the cross-obj .....

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