COMMISSIONER OF INCOME TAX Vs. T T INVESTMENTS AND TRADES PRIVATE LIMITED

JUDGEMENT

(1.) THE assessee is a private limited company. For the assessment While completing the assessment, the ITO allowed interest on the excess advance tax paid over and above the amount which the assessee had to pay as tax as per the assessment. Subsequently, the said assessment was revised by the ITO invoking his jurisdiction under s. 154 of the I.T. Act, 1961 (hereinafter referred to as "the Act"), on the ground that the interest already granted to the assessee under s. 214 of the Act should be withdrawn.

(2.) THE withdrawal of the interest allowed earlier to the assessee by the revocation order passed under s. 154 was as follows : THE total amount of income-tax payable by the assessee was determined in the original assessment dated June 28, 1976, at Rs. 80,176. THE tax deducted at source amounted to Rs. 62,501. Apart from the tax deducted at source, the assessee had also paid a total sum of Rs. 1,85,200 by way of cheques as advance tax, and the details of the payments are set out below : <FRM>JUDGEMENT_347_ITR148_1984Html1.htm</FRM>