Law:

Section:

Section 244, read with sections 215, 217 and 220(2), of the Income-tax Act, 1961 - Refunds - Interest where no claim is needed - Assessment years 1973-74 to 1975-76 - Whether assessee is entitled to interest under section 244(1A) in respect of interest payment under sections 215, 217 and 220(2) - Held, yes CASES REFERRED TO CIT v. Needle Industries (P.) Ltd. [1998] 233 ITR 370 (Mad.), CIT v. Sardar Balwant Singh Gujral [1990] 86 CTR (MP) 64, CIT v.Ambat Echukutty Menon [1988] 173 ITR 581 (Ker.), Modi Industries Ltd. v. CIT [1995] 216 ITR 759/ 82 Taxman 377 (SC), CIT v.Hansa Agencies (P.) Ltd. [1998] 234 ITR 271 (Punj. & Har.) and CIT v. N.G.E.F. Ltd. [2000] 244 ITR 665/[2001] 115 Taxman 590(Kar.). B.B. Naik and Manish R. Bhatt for the Applicant. Manish J. Shah and J.P. Shah for the Respondent. JUDGMENT M.S. Shah, J.- We have heard Mr. B.B. Naik, the learned standing counsel for the revenue and Mr. Manish J. Shah, for Mr. J.P. Shah, learned counsel for the assessee. 2. In this reference, two questions are referred at the instance of the revenue and one question is referred at the instance of the assessee. 3. The first question referred at the instance of the revenue is in respect of assessment years 1973-74 to 1975-76. The question is as under : "Whether the assessee is entitled to interest under section 244(1A) in respect of interest payments under sections 215, 217 and 220(2) of the Income-tax Act, 1961 ?" Mr. Shah, learned counsel for the assessee, submits that the controversy raised herein is concluded in favour of the assessee as per the decisions of the Madras High Court in CIT v. Needle Industries (P.) Ltd. [1998] 233 ITR 370, the Madhya Pradesh High Court in CIT v.Sardar Balwant Singh Gujral [1990] 86 CTR (MP) 64 and the Kerala High Court in CIT v. Ambat Echukutty Menon [1988] 173 ITR 581 . Having perused the aforesaid decisions, we find no reason not to…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492