Law:

Section:

Scope of section 214 and section 244(1A) is different and there can be no question of paying interest both under section 214 and section 244(1A) simultaneously, though rate of interest being same under both provisions Section 214 (as it stood prior to 1-4-1985), read with sections 244, 237, 240 and 243, of the Income-tax Act, 1961 - Advance tax - Interest payable by Government - Assessment years 1972-73 to 1976-77 - Whether interest payable under section 214 on any excess amount standing to credit of assessee is limited from first day of relevant assessment year to date of order of regular assessment and not to date of refund - Held, yes - Whether interest under section 214 is payable only upto date when amount of advance tax is treated as payment of income-tax and is set-off against income-tax demand raised in assessment order - Held, yes - Whether excess realization of advance tax upon assessment and adjustment becomes refundable under section 237 and no further interest is payable on it under section 214 - Held, yes - Whether interest, if any, on delayed refund is payable under section 243 - Held, yes - Whether if further sum of money becomes refundable as a result of any appellate order, that amount has to be refunded under section 240 and with interest, if any, under section 244 - Held, yes - Whether if as a result of appeal or other proceedings payment of tax is determined to be in excess of amount which assessee was liable to pay, department has to pay interest to assessee on excess amount from date on which tax was paid to date on which refund was granted - Held, yes - Whether interest under section 244(1A) is payable when tax or penalty paid by an assessee pursuant to an order of assessment has been reduced in appeal or any other proceeding - Held, yes - Whether scope of section 214 and section 244(1A) is different and there can be no question of paying interest both under section 214 and section 244(1A) simultaneously though rate of interest being same under both provisions - Held, yes Words and phrases - 'regular assessment' as occurring in section 214 of the Income tax Act, 1961 FACTS The assessees were partners in a firm. For the relevant…

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